Crypto industry urges Senate to move forward with floor debate on stablecoin bill
The heads of Blockchain Association, Crypto Council for Innovation and The Digital Chamber called on senators to support a motion to consider the GENIUS Act, the upper chamber's bill to create a regulatory framework for payment stablecoins.
'A comprehensive regulatory framework will enable widespread and increased stablecoin adoption, which is essential to cementing U.S. dollar dominance in the digital economy,' Blockchain Association's Kristin Smith, Crypto Council for Innovation's Ji Kim and The Digital Chamber's Cody Carbone said in a statement Tuesday.
'We are grateful for the significant strides the GENIUS Act has already made, and we hope to see meaningful refinements to further ensure U.S. leadership in digital finance,' they added.
The GENIUS Act currently sits in a precarious position, as Senate leadership prepares to bring the bill to the floor Thursday. However, nine Democrats pulled their support for the legislation over the weekend, saying they could not vote for the current version.
The pushback comes after Senate Majority Leader John Thune (R-S.D.) moved to expedite consideration of the bill last Thursday. A Democratic aide told the Hill that Democratic lawmakers were surprised by the move and had not seen the latest version of the bill text.
'We have approached this process constructively and with an open mind, with the understanding that additional improvements to the bill would be made,' the senators said in a statement Saturday. 'However, the bill as it currently stands still has numerous issues that must be addressed.'
Sen. Ruben Gallego (D-Ariz.), the top Democrat on the Senate Banking Digital Assets Subcommittee, accused Republicans of attempting to force through the legislation without additional negotiation.
'It seems they want us to suck it up and vote for this bill without our input,' he wrote on X. 'That's not what we expected during this negotiation and not how I operate. Our statement makes clear we won't let them jam us. Looking forward to continuing to get this bill to a better place.'
Gallego was one of several Senate Banking Democrats who voted to advance the GENIUS Act in March. Similar legislation, called the STABLE Act, also advanced out of the House Financial Services Committee last month.
However, crypto legislation appears to be hitting a wall in Washington, particularly as President Trump's growing ties to the industry face scrutiny.
House Democrats walked out of a hearing on digital asset market structure legislation Tuesday, after Rep. Maxine Waters (D-Calif.) objected over the president and his family's recent crypto dealings.
Waters, ranking member on the House Financial Services Committee, sought to block the hearing between the panel and the House Agriculture Committee, taking advantage of a rule requiring unanimous consent for a joint hearing.
However, Republicans and some Democrats remained and held a more informal roundtable with the assembled witnesses.
Trump and his family have fueled more criticism in recent days, after their crypto firm World Liberty Financial announced that Emirati firm MGX and crypto exchange Binance would use its new stablecoin to complete a $2 billion transaction.
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