A significant number of Democrats, potentially up to 16, are expected to vote in favor of the Senate's stablecoin bill in its final rounds of voting, Arizona Senator Ruben Gallego announced on Thursday. The 'Guiding and Establishing National Innovation for U.S. Stablecoins of 2025' (GENIUS) Act had faced opposition from Democrats last month due to concerns over consumer protection and other provisions. However, after negotiations with Republicans, many of the amendments proposed by Democrats have been incorporated into the bill.
Gallego believes that this collaboration will lead to substantial bipartisan support for the bill. He emphasized that the revised bill is significantly different from its original form and that his Republican counterparts have honored the agreements they made.
The bill's success is contingent upon the passage of legislation regulating the broader crypto market structure. Gallego expressed hope that this legislation would also be worked on in a bipartisan manner, given the limited time available on the congressional calendar. He suggested that an August deadline for passing the bills might be overly optimistic and that completion by early next year would be more realistic, avoiding the potential complications of next year's congressional elections. Other lawmakers, including Congressman French Hill and Representative Bryan Steil, have also stressed the importance of passing both bills to provide clarity for the digital assets sector and to prevent regulators from operating without tailored laws.
The crypto industry has been advised to present a unified voice in its approach to lawmakers, finding common ground among the various groups and companies lobbying in Washington.