- A bipartisan effort was made to get a vote done on the Senate’s stablecoin law before Memorial Day.
- Brian Armstrong believed that a vote might be held as early as May 15th.
The U.S Senate stablecoin BillAccording to sources familiar with this issue, the GENIUS Act could be brought back up for discussion in the coming week.
Brian Armstrong, Coinbase’s founder, spoke from Washington D.C. stressed The 52 million users of crypto want clear regulatory guidance.
He said he expected to vote on the bill again on May 15th.
“We’ve been meeting with members of Senate, both sides of House and there’s lot good excitement about getting this done, like any negotiation a lot details work out at last minute.”
Will Democrats abandon the resistance?
On Thursday last week, the bill failed to pass after falling short of the 60 votes required to advance it. The count reached 48 after several pro-crypto Democrats decamped.
Holdouts led by Senator Ruben Galego and Elizabeth Warren cited a number of reservations including the conflicted interest that President Donald Trump has in space, and concerns about corruption.
There was a push to reach a consensus on the bill and it made remarkable progress. noted Alex Thorn is the Galaxy Head of Research.
“Progress being made on the GENIUS act, more to come the phone calls may have worked.”
Eleanor Terrett, a former Fox Business reporter on cryptography reiterated The bipartisan effort. The final vote may take place before Memorial Day break (26-30 May), according to sources.
“Senate leadership is discussing the procedural path forward to resume consideration of the GENIUS Act, including the amendment process and a motion to reconsider.”
She warned that if an agreement between the Democrats and Republicans is not reached by the due date, the deadline might be missed.
John Thune did not commit to a final vote before May 26th. Per a Politico report, He Said
“They’re, I think, hearing from Democrats. So we’ll see how committed everybody is to getting a result and if they can get whatever differences they think they had worked out.”
This bill aims to create a framework of regulation for stablecoins, their issuers and the U.S.
This bill could be an historic moment for the crypto-sector if it is passed. This could strengthen the U.S. which is lagging behind other regions, such as Europe. Regulation is important.
Polymarket has odds that are greater than 80% of passing by 2025, indicating a high level of market confidence.
Source: Polymarket
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Source: ambcrypto.com
