Washington, DC – as many as 16 Democrats can vote for the Senate StableCoin Bill Suggestions when it comes to its final set of votes in the legislative body, Senator Ruben Gallego said on Thursday.
“Guidance and the establishment of National Innovation for US StableCecoins of the 2025” (Genius) Act faced headwinds last month after Gallego led a group of Democrats against voting for coagulation, a procedural obstacle that would promote the legislation, with reference to concern for consumer protection and other provisions.
Within a week and a half, Gallego and other Democrats who had rejected from the vote were reversed, and the Arizona legislator told Coindesk that he predicted his colleagues would continue to promote it out of the Senate.
“We have worked in a very honest, serious way with our Republican colleagues, [and] We think they have done the same thing, “he said in an interview.” They adopted a lot of the changes, most of the changes we have added. “
“It’s a markedly different bill,” he said.
He said he led his colleagues to block the first coagulation voice “Because we didn’t think it was a good product,” and the Democrats needed more time to sort the questions they had with the legislation
Gallego later said at the Blockchain Association’s “Charting the Course: Crypto Clarity in America” meeting that he had spent “hours and hours on the end” personally negotiating the language with other legislators, but the Republican team drew a “Power Play” to push an outdated version against a vote on the Senate floor. “They tried to get stuck,” he said.
So he led his colleagues in a brief effort to slow down things and ask for some changes, he said.
‘Good product’
“I really wanted to bring a good product to the floor,” said Gallego. And so far, his Republican colleagues have “honored everything we agreed.”
If this continues, the bill should come to a final vote next week, which will receive a larger top -time approval, said Gallego, who he claims to be able to show even more support than previous procedural votes.
Even if the bill meets success as he expects, it does not work without passing the legislation to create rules for the structure of the wider crypto markets.
He added that he hoped that the market structure legislation would be worked in a Topartsian way, noting that although the stablecoin bill is likely to move on through the congress, “there is only so much time on the calendar” to work through other bills. The Senate will have to take budgetary legislation at some point in addition to the bill that the invoiced market structure is ultimately introducing.
“The house product must be strong,” said Gallego, and it will direct what happens in the Senate. “We won’t start from square.”
‘Optimistic’ Deadline
Gallego suggested that a deadline in August is optimistic and added that as long as it was done early next year before March, it may not be occupied at next year’s congressional election.
“We all become animals during the election cycle,” he said of his colleagues at Capitol Hill.
Congress member French Hill, who runs House Financial Services Committee, agreed with Gallego that it is important to end both bills.
“I’m not going back to [former Securities and Exchange Commission Chair] Gary Gensler, “said Hill.” But if we do not adopt both bills, we are potentially by that whim at all times, ”to return to the interpretation of regulators operating without tailor -made laws.
Without market structure legislation, traditional financing companies and the public may not be so willing to go into depth in the sector for digital assets, he said.
“Traditional funding people will not cooperate, not custody, will not act as a broker, will not act as a dealer, will not hire you to create an on-ramp or off-ramp. It will not be interoperable. None of it will happen if you have no clarity, and that is why we must have both of these bills to adopt the congress and be signed in the law in this Congress,” he said. “
Hill said that legislators from both parties and chambers still have a chance to move the bills in August, “If we cooperate with each other.”
Congress will try to move both bills to President Donald Trump’s desk before August, Wisconsin representative said Bryan Steil. Dusty Johnson, who represents South Dakota, said there may be some differences of opinion between parliament and the Senate about the least market structure law.
“We can take genius, but I don’t think they would necessarily take our act of clarity, stock and barrel,” Johnson said at the event.
The bills from Parliament and the Senate must be identical before the president can sign them in the law. Either one of the regulatory bodies had to sign up for the other body’s work, otherwise the two organs would have to negotiate differences.
‘A strong, tall voice’
House Financial Services Committee will hold a markup on the market structure proposal next Tuesday.
“We have a lot of work we have to do,” Gallego said, noting that stretching the process in the start of next year is still working.
“If we move too fast with a shitty product, we will have a shitty vote,” he said.
The Crypto industry must also be more united in how it is approaching legislators, the Blockchain Association CEO Summer Mersinger said in its first public performance in the role since leaving the Commodity Futures Trading Commission.
“We have to talk to a strong, loud voice in Washington,” she said. “Talking to a voice does not mean that we all have to think the same way or we have to agree on any topic.”
However, the various groups and companies that lobbying Washington had to find common grounds, she said.
Read more: StableCOin bills in house and the Senate still have to go into more points: French Hill
