Crypto Sails Towards Regulation as Senate Stablecoin Bill Gains Momentum
Stablecoin legislation under review in Congress - Will it receive approval before May's end?
The U.S Senate's GENIUS Act, a bill crafted to govern stablecoin issuers, might make a comeback this week, according to insiders.
Coinbase co-founder Brian Armstrong voiced support from 52 million crypto enthusiasts craving regulatory clarity in Washington D.C. He suggested a possible vote as early as May 15th, adding,
"Politicking has its quirks, but there's a solid pulse about getting this done."
Senate approval of the bill has previously encountered roadblocks, as demonstrated by its failure to pass last Thursday, due to a lack of the 60 votes required. Pro-crypto Democrats defied ranks, leaving just 48 votes in favor.
However, there's talk of reaching a consensus to push the bill forward, and progress has been evident, claims Galaxy's head of research, Alex Thorn.
"The GENIUS act is edging closer to reality, with more talks on the horizon."
Reports suggest a bipartisan drive, with a final vote prior to the Memorial Day recess from May 26-30, reiterates former Fox Business crypto reporter Eleanor Terrett.
"Senate leadership is discussing the procedural route to revisit the GENIUS Act, including the amendment process and reconsideration motion."
Though Terrett cautions a potential delay if agreement amongst Democrats is not attained by then.
John Thune, Majority Leader, is reluctant to commit to a vote before the 26th of May, according to Politico. He mentioned,
"Democrats are engaged in discussions, so we'll see how committed everyone is to reaching a resolution and if differences can be ironed out."
The bill aims to institute a regulatory framework for stablecoins and their issuers in the U.S., potentially marking a massive stride for the crypto sector. If passed, it could bolster the U.S.'s regulatory framework, helping it compete with regions such as the E.U.
On Polymarket, odds of passage in 2025 exceed 80%, indicating robust market confidence.
Source: Polymarket
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- The GENIUS Act, a bill intended to regulate stablecoin issuers, might receive another attempt this week, according to insider reports.
- Coinbase co-founder Brian Armstrong supports regulatory clarity in Washington D.C., suggesting a possible vote as early as May 15th.
- Reports suggest a bipartisan effort, with a final vote potentially before the Memorial Day recess from May 26-30.
- The successful passage of the GENIUS Act could significantly advance the crypto sector, potentially bolstering the U.S.'s regulatory framework to compete with regions like the E.U. On Polymarket, odds of passage in 2025 exceed 80%, indicating market confidence in the bill. Meanwhile, Bitcoin remains steady, while Ethereum appears to be gaining ground.
