Stacy Pereira
The U.S. Senate may have a re-vote on the GENIUS Act, after it failed to get enough support from Democrats on May 8. Throwing their weight in support of the legislation, about 60 crypto founders have reached Capitol Hill, celebrating what they are calling ‘Stand With Crypto Day’.
Coinbase CEO Brian Armstrong, in an X post, said, “It’s time to get stablecoin legislation passed to create clear rules for crypto in America”. In the video attached to the post, Armstrong reiterated that there were close to 52 million people in America who use crypto and would like to see regulatory clarity. He also said that the bill might come up for a re-vote as soon as May 16, 2025.
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Republicans currently hold a slim majority in the Senate and House and are likely to seek support from Democrats for its passage. The bill will need the support of at least 60 votes to be cleared. Last time it received only 49 in favour and 48 against. But the draft demanded critical changes, like asking non-U.S. companies to abide by U.S. laws, and also for stakeholders to comply with anti-money laundering regulations, according to multiple media reports.
The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, if passed, will be the first-ever legislative framework aimed at regulating payment stablecoins in the United States.
Many Democratic senators have raised questions regarding the bill, saying that it may have undue benefits to President Trump, who could stand to profit from his digital asset ventures, such as his TRUMP memecoin and his family-backed company, World Liberty Financial.
