Senate's Bipartisan Stablecoin Bill Gains Momentum Ahead of Final Vote

Title: Senate's Bipartisan Stablecoin Bill Gains Momentum Ahead of Final Vote

The U.S. Senate’s bipartisan stablecoin bill—the "Guiding and Establishing National Innovation for U.S. Stablecoins of 2025" (GENIUS Act)—is gaining traction, with Arizona Senator Ruben Gallego predicting support from up to 16 Democrats. Gallego, initially opposed due to consumer protection concerns, reversed course after key amendments were accepted, calling the revised bill a "significantly different product."

After halting the initial cloture vote last month, Gallego led negotiations to strengthen the bill alongside Republican lawmakers. At the Blockchain Association’s recent summit, he revealed that the earlier version felt rushed and unfinished, but now credits the GOP for honoring compromises. He expects the bill to pass with strong bipartisan support next week.

However, Gallego emphasized the stablecoin bill must be complemented by broader crypto market structure legislation to provide regulatory clarity. He warned that without it, traditional finance institutions may hesitate to enter the digital asset space.

Representative French Hill echoed this, stating that failure to pass both bills could leave the industry vulnerable to regulatory uncertainty from agencies like the SEC. Lawmakers are aiming to deliver the finalized legislation to President Donald Trump by August. Still, Gallego noted that pushing the timeline into early 2026 may be more realistic, avoiding political disruption from the 2026 election cycle.

Meanwhile, industry leaders like Blockchain Association CEO Summer Mersinger stressed the need for the crypto sector to unify its message to lawmakers, advocating for clarity and cohesion in policy discussions.

If passed, the GENIUS Act could mark a pivotal step in establishing stablecoin regulations, but its full impact hinges on the timely approval of complementary crypto market structure reforms.