Despite the recent setbacks, US legislation to regulate stablecoin issuers may be on their way to debate and passage next week, according to the backers of the bill known as “indicative and establishment of national innovation for US stableecoins” (Genius) Act.

“Next week, the Senate will make history when we debate and adopt the ingenious action that establishes the first ever pro-growth control framework for Payment StableCoins,” said Senator Hagty, a Tennessee Republican sponsoring the bill for

And tied, which is crucial to crypto trading activity.

The latest draft bill began to circulate this week, and a copy seen by Coindesk showed that language had been adjusted in modest ways to help satisfy Democrats dealing with consumer protection and national security elements. In an addition, the bill insisted that the large public companies such as Meta would not be approved as issuers of tokens, although consumers’ advocates warned that private companies such as Elon Musk’s social media site X would be justified.

Hagty paired his statement with one from Senator Kirsten Gillibrand, the New York Democrat, who has also pushed this legislation. Her mood carried what may have been a shadow less confidence in the result, and the two legislators have plenty of reason to put a strong public face on a negotiation facing headwinds.

“Stablecoins are already playing an important role in the global economy, and it is important that the United States adopts legislation that protects consumers while allowing responsible innovations,” Gillibrand said in the statement, claiming that “robust consumer protection” is included in the latest version. “The design of this bill has been a true Bipartisan effort, and I am optimistic that we can pass it on in the coming days.”

The Senate has experienced a significant volatility on the bill for the past two weeks, with its recent failure to clear a so -called clotation voting that would have moved it to a formal debate. It’s heading for another vote on Monday where it needs 60 votes to move on, which should include more Democrats. The Senate would then have some time to continue to discuss the language and possibly make changes before moving on to actually adopting the bill.

The Democrats had been critical of its potential for abuse and for stableecoin involvement from business giants, but the biggest stink has been raised around President Donald Trump’s own interest in cryptic companies, including World Liberty Financials StableCoin play.

Read more: The US Senates StableCOin -push still alive as Bill can return to the floor: Sources

An earlier version of the bill was easily obtained from Senat’s Bank Committee with a Topart Run, before some of the same Democrats who approved it later, objections raised. But the Senate has more cryptic democrats in this session than the last when the Senate Bank Committee refused any progress for crypto bills.

The House of Representatives is also working on its own version, which had to merge with the Senate before Trump could sign the new standards in the law. Representative French Hill, Republican President of House Financial Services Committee, recognized in Consensus 2025 in Toronto that Trump’s crypto involvement has added the friction to the legislators’ negotiations.

Read more: Trump’s Memecoin, Krypto -stick makes the legislation ‘More complicated’: rep. French Hill