Senate to Approve Stablecoin Bill in Weeks — Digital Chamber CEO
The U.S. Senate’s failure to pass the GENIUS Act earlier this month is a speed bump, according to Digital Chamber CEO Cody Carbone. Speaking at Consensus 2025, Carbone said the bill will be passed “in the next few weeks,” despite partisan challenges.
GENIUS Act: A Critical Crypto Bill
The Guiding and Establishing National Innovation in U.S. Stablecoins of 2025 (GENIUS) Act is widely viewed as a cornerstone of stablecoin regulation in the United States. Carbone underscored that the legislation is vital to guarantee the dominance of the U.S. dollar on the international markets, an objective that enjoys bipartisan support.
“These things don’t move as quickly as we would like them to move, But this Congress has moved faster than we could have hoped”.
Trump Ties Stir Political Tension
The bill failed a procedural vote on May 8 after the withdrawal of support from several Senate Democrats. Lawmakers cited former President Donald Trump’s growing venture into the crypto space, including memecoins and NFTs, as a conflict of interest.
Similar views were expressed by Coinbase CLO Paul Grewal, who said Trump’s entry into crypto has contributed to making regulatory conversations more complicated.
GOP Accuses Democrats of Playing Politics
Republican Senator Tim Scott dismissed Democratic complaints, attributing the loss to partisan obstruction aimed at preventing Trump’s impact on digital asset policy.
Industry insiders indicate that a rewritten GENIUS Act—cleansed of all Trump-associated material—could clear by the end of May.
Optimism Remains High
Carbone remains optimistic, citing ongoing negotiations and a sense of urgency among lawmakers. “I am still very optimistic,” he said. “This bill is going to pass the Senate in the next few weeks.”
