The Senate is expected to approve legislation on Tuesday that would regulate a form of cryptocurrency called stability, a wave of crypto legislation in Congress that the industry hopes will strengthen its legitimacy and guarantee consumers.
Fast moving legislation to the House for potential revisions, following the 2024 campaign cycle, the cryptocurrency industry ranks among the country’s highest political spenders Its influence continues to grow in Washington and beyond.
eighteen Democratic Senator Support for the legislation was shown in the Republican majority in the 53-47 Senate. If passed, it will become the second bipartisan main bill this year, after which Lake Riley Act Immigration law enforcement in January.
Still, most Democrats oppose the bill. They have raised concerns that the measure would not help President Donald Trump’s personal financial interests in the cryptocurrency space.
Monday, D-Md. “We certainly can’t include everything we want, but it’s a good bipartisan effort,” said Senator Angela Alsobrooks, adding: “This is an unregulated area and will be regulated now.”
The bill, known as the Genius Act, will establish guardrails and consumer protections for Stablecoins, a cryptocurrency that is often pegged to the dollar. The acronym stands for “Guide and build national innovation for stable America.”
It is expected to pass on Tuesday as it only requires a simple majority vote – and has cleared the biggest procedural hurdle last week with a 68-30 vote. But the bill’s resistance is higher than initially expected.
There is a provision in the bill that prohibits members of Congress and their families from profiting from Stablecoins. But even if Trump established a crypto empire from the White House, the ban did not extend to the president and his family.
Trump hosted a private dinner at his golf club last month, with top investors in the Trump-branded meme coins. His family owns a large stake World Free FinanceIt is a crypto project that provides another avenue where investors are buying and enriching the president’s relatives. World Freedom launches its own Stablecoin USD1.
The government supports the growth of cryptocurrencies and its integration into the economy widely. Treasury Secretary Scott Bessent said last week that the legislation could help push the U.S. stable market to $2 trillion by the end of 2028.
Brian Armstrong, CEO Common cases – this The country’s largest crypto exchange The main advocate of the bill – met with Trump and praised his early actions on cryptocurrencies. Over the past weekend, Coinbase was one of the more prominent brands to mark the Army’s 250th anniversary in Washington, an event that coincides with Trump’s 79th birthday.
But the cryptocurrency industry stressed that they viewed legislative efforts as bipartisans, pointing out advocates on both sides of the aisle.
Senate Banking Committee Chairman Tim Scott (RSS C.) “It’s a product of months of bipartisan work.”
The bill did get into a tough situation in early May, when a group of Senate Democrats previously supported the bill to turn the course and voted to stop it from moving forward. This prompted Senate Republicans, Democrats and the White House to engage in new talks, eventually producing a compromise version expected to win passes on Tuesday.
“There are many, many changes. Ultimately, it’s a better choice because we’re all on the table,” Alsobrooks said.
Nevertheless, the bill remains concerned that the president’s conflict of interest remains unresolved – a problem that remains the source of tensions within the Democratic Caucus.
D-Mass. Senator Elizabeth Warren has been one of the most outspoken members of the Senate Banking Committee, warning that the bill created a “super highway” for Trump’s corruption. She also warned that the bill would allow large tech companies Amazon and Yuanlaunch your own stablecoin.
If stability legislation passes through the Senate on Tuesday, there are still several obstacles to reaching the president’s desk. It must clear the narrow Republican majority in the House, and lawmakers may try to bring a broader market structure bill that could make the Senate pass more difficult legislation.
Trump said he hopes to legislate at his desk before Congress takes a break for his August recess (now only 50 days away, he is)
