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The US Senate is Close to Passing the GENIUS Stablecoin Bill, Lummis Admits the Legislative Process is Challenging

The US Senate is Close to Passing the GENIUS Stablecoin Bill, Lummis Admits the Legislative Process is Challenging

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ChaincatcherChaincatcher2025/05/28 01:05

According to ChainCatcher, as reported by CoinDesk, Wyoming Republican Senator Cynthia Lummis revealed at the Bitcoin 2025 conference that the GENIUS Stablecoin Act has entered the final review stage in the Senate. The bill passed a procedural vote last week with a threshold of over 60 votes but faced setbacks due to opposition from Democratic leader Elizabeth Warren and some Republicans. If ultimately passed, this will be the first successful legislation by the Senate Banking Committee in eight years.

Lummis and co-sponsor Kirsten Gillibrand's (Democrat) team conducted extensive behind-the-scenes negotiations. Tennessee Senator Bill Hagerty pointed out that this will be the most bipartisan consensus bill by the committee in over a decade, but criticized Warren for deliberately delaying the legislative process. Lummis admitted that the Senate has lost its "legislative muscle memory" and hopes to draw on the experience of the House's passage of the FIT21 Act last year to advance subsequent crypto market regulatory legislation.

 
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