The US Senate is nearing the passage of its groundbreaking stablecoin bill, the GENIUS Act, a feat that its champion, Senator Cynthia Lummis, describes as an arduous endeavor. During a recent discussion at Bitcoin 2025 in Las Vegas, Lummis confessed that the process has been far more difficult than anticipated. The Senate voted to advance the bill last week, surpassing the required 60-vote threshold. However, an earlier attempt failed due to opposition from Senate Democrats, led by Senator Elizabeth Warren, and several Republicans.
Lummis believes that a final deal has been reached, and if the bill passes, it would be the first piece of legislation to emerge from the Senate Banking Committee in eight years. Senator Bill Hagerty, the bill's sponsor, attributes the lengthy process to the concerted efforts of opponents, such as Senator Warren, to stall the legislation. The bill's supporters view its potential passage as a significant bipartisan achievement, but also express frustration with the challenges of getting legislation passed through the committee.
Lummis notes that the committee has lost its 'muscle memory' for legislating, making the process exhausting and requiring patience, creativity, and a sense of humor. She remains hopeful that the Senate can collaborate with the House on a market structure bill, leveraging the House's experience from passing FIT21 last year.