After a sudden rocky path for US regulatory efforts to regulate stableecoin issuers, the Senate is ready to move forward with the newly polished language in the bill, which may see a certain procedural movement as soon as Thursday.
The Senate StableCoin -Scrub writhed out of the course a week ago when the Democrats objected, primarily against President Donald Trump’s personal crypto business interests, but the legislators continued the negotiations and are said to be close to an agreement on updated text for “The Guide and establish National Innovation for us StableCOins” (Genius), according to people.
The bill would establish a federal legislative framework for cryptocurrencies associated with the value of another asset, such as Tether’s Usdt$1.00 and Circle’s USDC$0.99986And there is a similar one that is sanded through the House of Representatives.
An earlier version of the bill went out of the Senate’s banking committee with Bipartisan support earlier this year, giving the crypto sector confidence that it would probably meet with some resistance on the Senate floor. However, the text was updated and the Senate failed to promote the bill into its last phase, a process known as a coagulation, where 60 senators have to agree to move legislation to an open floor debate.
Each Democrat and two Republicans voted against it (a third Republican, Senate’s majority leader John Thune, originally supported the coagulation movement, but flipped his vote at the last minute in a procedural step to keep the legislation alive). It left the stableecoin bill in regulatory limbo, but people who are familiar with the negotiation said Coindesk that it may soon be back on the field. The next vote would probably be a procedural act to buy legislators more time to negotiate the details of the bill than a coagulation movement, two of the population said.
One of the central points of disputes for Democrats was President Trump’s rising forums to Krypto, especially after Abu Dhabi-based investment company MGX announced that it would close its purchase of a share in Global Exchange Binance using USD 1, a stableecoin issued by World Liberty Financial, who is again tied to Trump and his children.
However, it is unlikely that the text of the Bill, which has not yet been released in public, will include any provisions relating to this potential conflict of interest. Senator Gillibrand, the New York Democrat, who has worked with crypto legislation for years, suggested on a rack with crypto event on Wednesday that the latest version still does not focus directly on Trump.
“This bill has some ethical requirements that I think are really strong and very good, but it is not an ethics bill in itself, and if we were dealing with all President Trump’s ethical problems, it would be a very long and detailed bill,” she said.
She said she is “very optimistic that we have a vote soon.”
At the same event, Senator Cynthia arguing, the Republican President of a Senate Digital Assets, and a frequent partner for GilliBrand about crypto regulation, against lawmakers distracted by the “shining object that is out in the corner.”
“I don’t want President Trump’s name to come up with this to distract us from the important goal of having a clear regulatory structure in the United States that can on land this industry used to provide a new market for US Treasurer to help the dollar remain world reservo currency,” Lummis said.
Bo Hines, Trump’s CEO of the President’s Council for Digital Assets advisers, said at Coindesk’s Consensus 2025 conference in Toronto on Wednesday that “Negotiations are going on” when asked about a possible vote on Thursday. He stated that he believes the legislation will continue to move.
“We’ll see,” he said.
