LAS VEGAS Senate Close to Passing GENIUS Act for Stablecoin Regulation
The U.S. Senate is on the brink of passing the GENIUS Act, a landmark bill aimed at regulating stablecoins. Championed by Cynthia Lummis (R-Wyo.), the journey to passing this bill has been a strenuous one, as she described it during a recent fireside chat at Bitcoin 2025 in Las Vegas.
Lummis expressed the challenges she faced, stating, “It has been extremely difficult. I had no idea how hard this was going to be.”
After a successful vote last week, the Senate advanced the bill, surpassing the 60-vote threshold required to proceed to the final discussion phase before the ultimate vote for its passage. A previous attempt faced bipartisan opposition, with Senate Democrats like Elizabeth Warren (D-Mass.) and Republicans such as Josh Hawley and Rand Paul voting against cloture.
Lummis, alongside co-sponsor Kirsten Gillibrand (D-New York), played a pivotal role in the negotiations behind the scenes to push the GENIUS Act forward. She expressed optimism that a final deal has been reached and emphasized the significance of this potential achievement, citing that it would mark the first legislation passed out of the Senate Banking Committee in eight years.
Senator Bill Hagerty (R-Tenn.), the bill’s sponsor, echoed Lummis’s sentiments, acknowledging the arduous process and highlighting the efforts made to overcome opposition, particularly from Senator Warren. Hagerty emphasized the bipartisan nature of the bill, noting its rarity in the current legislative landscape.
Despite the challenges faced, both Lummis and Hagerty remain hopeful about the future of crypto legislation. Hagerty emphasized the need for legislative action, stating, “We don’t have the muscle memory anymore to legislate. That’s our job.”
Lummis expressed optimism about collaboration with the House on a market structure bill, acknowledging the House’s advantage in this realm. She highlighted the importance of maintaining creativity, humor, and patience throughout the legislative process.
With progress being made towards the passage of the GENIUS Act, the Senate is poised to make a significant impact on stablecoin regulation, setting a precedent for future crypto legislation.