Washington, D.C. — The future of stablecoins in the U.S. could see significant bipartisan support, with as many as 16 Democrats potentially voting in favor of the Senate’s stablecoin legislation when it reaches its final vote, Arizona Senator Ruben Gallego revealed Thursday.
The “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025” (GENIUS) Act faced some hurdles last month after Gallego, along with a group of Democrats, opposed a procedural step that would have advanced the bill. Concerns about consumer protection and other provisions initially led to their resistance. However, within just ten days, Gallego and other Democrat defectors reversed course, signaling strong support moving forward. Gallego told a leading industry summit that he expects the bill to continue gaining bipartisan momentum in the Senate.
“We’ve had honest, productive negotiations with our Republican colleagues, and most of the amendments we’ve proposed have been adopted,” Gallego stated. “It’s a considerably improved bill from where we started.”
He explained that the initial opposition to cloture was rooted in the belief that the bill wasn’t ready for a vote, emphasizing the need for more time to address outstanding issues. Gallego also shared that he personally spent hours negotiating the language of the legislation, only to see Republican leadership attempt to push an incomplete version onto the Senate floor prematurely. “They tried to rush us,” he noted, describing a strategic move to advance the bill before it was fully refined.
Despite these challenges, Gallego expressed confidence that if bipartisan cooperation persists, the bill could receive a strong vote next week—potentially even broader support than previous procedural votes. He underscored the importance of passing not only the stablecoin bill but also comprehensive regulations for the broader crypto markets, which are vital for fostering industry growth and clarity.
Looking ahead, Gallego hopes that market structure legislation will also move swiftly through Congress in a bipartisan manner, ideally before the upcoming congressional elections in March. He cautioned that election cycles often lead to political gridlock, making timely legislative action crucial.
Similarly, Congressman French Hill, who oversees the House Financial Services Committee, highlighted the urgency of passing both bills. “If we don’t get these laws in place now, regulators could interpret existing rules arbitrarily, creating uncertainty for traditional financial institutions and the crypto sector,” Hill explained. “Clear, tailored legislation is necessary for traditional finance firms to confidently partner with crypto companies.”
Lawmakers from both chambers are optimistic about passing these bills by August, aiming to send comprehensive crypto legislation to the President’s desk within this session. However, differences between the House and Senate versions of the market structure legislation remain, with some officials noting potential negotiations to reconcile variations.
The House is scheduled to hold a markup on the market structure bill next Tuesday, moving the process forward. Senator Gallego emphasized the importance of avoiding rushed, poorly crafted laws, stating, “We need to ensure that what we pass is quality legislation that can withstand scrutiny and truly benefit the industry.”
Industry advocates, including blockchain industry leaders, agree on the need for a unified voice. Summer Mersinger, CEO of the Blockchain Association, stressed the importance of speaking with one strong, coordinated message in Washington. While diversity of opinion is expected, finding common ground among industry stakeholders is key to influencing policymakers effectively.
In summary, with bipartisan support growing and legislative timelines tightening, the outlook for stablecoin regulation in the U.S. appears promising. If lawmakers continue to work together and pass both the stablecoin and crypto market structure bills this year, it could set the stage for a clearer, more secure digital asset environment—just in time for the upcoming elections and beyond.
