Is the Senate Stablecoin Bill Dead? Here’s What’s Going On
The post Is the Senate Stablecoin Bill Dead? Here’s What’s Going On appeared on BitcoinEthereumNews.com. It was supposed to be a slam dunk. The American crypto industry, flush with more political capital than it has ever had (and perhaps will ever have), was to get its long-awaited “regulatory clarity” on stablecoins last week. And yet the Senate failed to pass a key procedural vote on the marquee stablecoin legislation. As the bill, dubbed the GENIUS Act, languishes in legislative purgatory, should it be considered functionally dead—or might there be hope yet for its passage? It depends who you ask. Technically speaking, according to the Senate’s rules, the window to file a motion to reconsider the bill—which would establish a legal framework for offering stablecoins in the United States—has already passed. Such a motion would have had to be filed by Monday evening, and no senators did so in time. A source familiar with the Senate’s rules of procedure confirmed this state of affairs to Decrypt. Stablecoins are a key component of the crypto economy. They are essentially digital dollar-equivalents that allow their users to enter and exit digital asset trades, and send payments or remittances overseas, without the need to access dollars directly. It’s expected that once these assets are anointed by the U.S. Congress, rules of the road signed into law by President Donald Trump, banking giants and Wall Street titans will join the fray and enter the stablecoin market—bringing billions if not trillions of dollars into crypto. That’s why the lobbying arm of the crypto industry has been pushing so hard for this legislation. But the GENIUS Act has not been taken up for a cloture vote this week because, functionally, political calculus has not changed on the topic since Thursday. A small cadre of pro-crypto Democrats still have yet to reach a deal with Republican leadership over the bill’s language. Republicans…
The post Is the Senate Stablecoin Bill Dead? Here’s What’s Going On appeared on BitcoinEthereumNews.com.
It was supposed to be a slam dunk. The American crypto industry, flush with more political capital than it has ever had (and perhaps will ever have), was to get its long-awaited “regulatory clarity” on stablecoins last week. And yet the Senate failed to pass a key procedural vote on the marquee stablecoin legislation. As the bill, dubbed the GENIUS Act, languishes in legislative purgatory, should it be considered functionally dead—or might there be hope yet for its passage? It depends who you ask. Technically speaking, according to the Senate’s rules, the window to file a motion to reconsider the bill—which would establish a legal framework for offering stablecoins in the United States—has already passed. Such a motion would have had to be filed by Monday evening, and no senators did so in time. A source familiar with the Senate’s rules of procedure confirmed this state of affairs to Decrypt. Stablecoins are a key component of the crypto economy. They are essentially digital dollar-equivalents that allow their users to enter and exit digital asset trades, and send payments or remittances overseas, without the need to access dollars directly. It’s expected that once these assets are anointed by the U.S. Congress, rules of the road signed into law by President Donald Trump, banking giants and Wall Street titans will join the fray and enter the stablecoin market—bringing billions if not trillions of dollars into crypto. That’s why the lobbying arm of the crypto industry has been pushing so hard for this legislation. But the GENIUS Act has not been taken up for a cloture vote this week because, functionally, political calculus has not changed on the topic since Thursday. A small cadre of pro-crypto Democrats still have yet to reach a deal with Republican leadership over the bill’s language. Republicans…
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