Legislators backing the US stablecoin bill are optimistic that it will move forward in the Senate next week, despite recent obstacles. The bill, also known as the 'Guiding and Establishing National Innovation for US Stablecoins' (GENIUS) Act, aims to create a pro-growth regulatory framework for payment stablecoins.
Senator Hagerty, the bill's sponsor, expressed confidence that the Senate will 'make history' by debating and passing the bill. The latest draft of the bill has addressed concerns from Democrats regarding consumer protection and national security, with additions such as prohibiting large public companies like Meta from issuing stablecoins. Senator Kirsten Gillibrand, who has also supported the legislation, emphasized the importance of protecting consumers while enabling responsible innovation.
The Senate is set to hold a second vote on the bill on Monday, which will require 60 votes to advance. If passed, the bill will then move to the House of Representatives, where lawmakers are working on their own version, which will need to be merged with the Senate's before it can be signed into law by the President.