Source: Cointelegraph
Original: What are the next steps for the U.S. stablecoin bill?
Advocates in the U.S. Congress supporting stablecoin regulatory legislation are likely to vote on the bill again in a few days, without addressing concerns about President Trump’s financial ties to the cryptocurrency industry.
The "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins" (referred to as the GENIUS Act) failed to pass in the U.S. Senate on May 8, after some Democratic lawmakers called for a pause on all legislation related to digital assets until Republicans could resolve potential conflicts of interest involving Trump.
After the vote, lawmakers from both parties indicated that they might reconsider the bill within the week, but no consensus has been reached on a bipartisan path forward.
Following the GENIUS Act's failure to pass in the Senate by a vote of 48 to 49, Majority Leader John Thune proposed a motion to reconsider, laying the groundwork for a possible re-vote in the coming days. A source informed Cointelegraph that Republican supporters of the bill are unlikely to amend it to prevent Trump or his administration members from investing in digital assets, arguing that this exceeds Congress's constitutional authority.
"This delay is not inherently harmful," said Liat Shetret, Vice President of Global Policy and Regulation at blockchain analytics firm Elliptic. "We can expect the bill to return to the agenda, and this pause provides both parties with an opportunity to clarify terms and address lawmakers' concerns."
The Cedar Innovation Foundation, associated with the political action committee Fairshake, warned Senate leadership to "avoid political games" and pass the stablecoin bill "in the coming days." Fairshake has invested over $131 million in supporting candidates for the 2024 U.S. elections, some of whom are currently serving in the House and Senate. There are more than 500 days until the 2026 midterm elections, during which many congressional members will face re-election.
On May 12, the Senate resumed consideration of a motion to advance the GENIUS Act, signaling an upcoming new round of voting.
Changes to the stablecoin or market structure bill?
If Republican senators reintroduce the bill without any modifications, it remains unclear whether they can secure the 60 votes needed to avoid a Democratic filibuster—a tactic aimed at delaying or sometimes completely blocking a bill's vote.
The Trump family's association with the cryptocurrency platform World Liberty Financial and its stablecoin USD1 has raised potential corruption concerns, as has the opportunity they provided to major holders of the TRUMP meme coin to pay for access to the president through exclusive dinners and receptions.
"The Republican bill does nothing to address Trump's conflict of interest, instead voting to give Trump the power to set the rules, allowing him to regulate his own and his competitors' stablecoins," noted Democratic Representative Maxine Waters in a statement on May 6. She blocked a hearing on a potential digital asset market structure bill, citing concerns over Trump's "ownership in the cryptocurrency space."
Democratic lawmakers have proposed potential solutions to what they call "the largest corruption scandal in White House history"—introducing legislation in both the House and Senate to prohibit members of Congress, the president, the vice president, and their families from profiting from meme coins. Reports indicate that Senators Elizabeth Warren and Chris Van Hollen have also called for the president to fully divest his interests in USD1 before entering into any potential agreements with foreign governments.
A nonpartisan organization, State Democracy Defenders Action, released a report in April stating that Trump's cryptocurrency assets are valued at approximately $2.9 billion, accounting for 40% of his personal wealth. The report was published before the launch of the World Liberty Financial stablecoin, which an Abu Dhabi investment firm stated would be used to complete a $2 billion investment deal with Binance. Trump's sons, Eric, Donald Trump Jr., and Barron, are all listed as "Web3 ambassadors" for the platform.
Related: Daughter of cryptocurrency exchange CEO bravely fights off kidnappers in Paris
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