What are the next steps for the US stablecoin bill?
By: bitcoin ethereum news|2025/05/14 21:00:15
0
Share
Proponents of a bill to regulate stablecoins in the US Congress will likely take up another vote on the legislation in a matter of days without responding to concerns about President Donald Trump’s financial ties to the cryptocurrency industry. The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, failed to get enough votes to pass in the US Senate on May 8 amid calls from some Democratic lawmakers to halt any legislation related to digital assets until Republicans could address Trump’s potential conflicts of interest. Immediately following the vote, some lawmakers from both parties suggested they could reconsider the bill as early as this week, but without agreeing on a bipartisan path forward. After the GENIUS Act failed to proceed in a 48 to 49 vote in the Senate, Majority Leader John Thune made a motion to reconsider, setting up a possible vote on the matter within days. A source familiar with the matter told Cointelegraph Republicans who backed the bill were unlikely to modify it to block Trump or any member of his administration from investing in digital assets, claiming it was beyond Congress’s authority under the Constitution. “[...] this delay is not inherently detrimental,“ said Liat Shetret, vice president of global policy and regulation at blockchain analytics firm Elliptic. “We can expect the bill to return to the floor, with this pause giving both parties time to clarify provisions and address lawmakers’ concerns.” The Cedar Innovation Foundation, an organization tied to the political action committee (PAC) Fairshake, issued a warning to Senate leadership to “avoid political games” and pass a stablecoin bill “in the coming days.” Fairshake spent more than $131 million to support candidates in the 2024 US elections, some of whom are currently serving in the House and Senate. There are still more than 500 days until the 2026 midterms, when many members of Congress are up for reelection. On May 12, the Senate resumed consideration of the motion to proceed to consideration of the GENIUS Act, suggesting another vote soon. Related: US Treasury Secretary expresses support for crypto bills at hearing Changes to stablecoin or market structure bills? Should Republicans in the Senate reintroduce the bill without any changes, it’s unclear whether they would have enough support to clear a 60-vote majority to avoid a Democratic filibuster — a process to delay or sometimes block a vote on a bill. The Trump family’s ties to the crypto platform World Liberty Financial and its stablecoin, USD1, have raised potential corruption concerns, as has offering the top holders of his TRUMP memecoin the chance to pay for access to the president through an exclusive dinner and reception. “[...] the Republicans’ bill did nothing to address Trump’s conflict, and instead voted to hand Trump the authority to write the rules over his and his competitors’ stablecoins,” said Democratic Representative Maxine Waters in a May 6 statement. She blocked a hearing to discuss a possible digital asset market structure bill, citing concerns about Trump’s “ownership of crypto.” Democratic lawmakers have already introduced possible solutions to what they called the “biggest corruption scandal in the history of the White House” — with legislation in the House and Senate to bar members of Congress, the president, the vice president, and their families from profiting off memecoins. Senators Elizabeth Warren and Chris Van Hollen also reportedly called on the president to fully divest from USD1 before making any possible deals with foreign governments. The nonpartisan organization State Democracy Defenders Action reported in April that Trump’s crypto holdings were worth roughly $2.9 billion, which accounted for 40% of his wealth. This report came before the launch of World Liberty Financial’s stablecoin, which an Abu Dhabi-based investment firm said it would use to settle a $2 billion investment in Binance. Trump’s sons, Eric, Donald Trump Jr., and Barron, were all listed as “Web3 ambassadors” for the platform. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions Source: https://cointelegraph.com/news/stablecoin-bill-next-steps-congress?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
You may also like

Hyperbeat, to launch a "bank" on Hyperliquid
A chain built for transactions, now wanting you to stash your paycheck there.

Crypto Market Macro Research: US-Iran Ceasefire, Time to Reassess Risk Assets
How Does the US-Iran Ceasefire Impact Risk Assets?

Is Bitcoin Forming a Bottom in 2026? How the Tariff Shock and Ceasefire Could Push BTC Toward $75K
Bitcoin may be forming its 2026 bottom near $65K. See how tariff shocks, ETF inflows, and the Iran ceasefire could shape BTC’s next breakout toward $75K.

Stablecoins Hit $315 Billion in 2026: Why This Is the Biggest Trend in Crypto Right Now
Bitcoin may be forming its 2026 bottom near $65K. See how tariff shocks, ETF inflows, and geopolitical signals could shape BTC’s next breakout toward $75K.

Tiger Research: A Comprehensive Analysis of the Most Profitable Businesses and Their Business Models in Crypto
Payment fees, shared infrastructure, and offshore demand have become new battlegrounds.

Why is the ceasefire between the U.S. and Iran destined to be unsustainable?
In-depth analysis: Why is the US-Iran ceasefire criticized as "nominal"? When both sides are accustomed to placing their own power above agreements, this brief peace lacking trust is destined to be nothing but ruins.

Starting from the cryptocurrency world, what makes Hermes Agent the biggest challenger to OpenClaw?
Two growth curves are rising at the same time, but the things that are rising are completely different.

Under-the-Radar Middle Eastern Player Set to Be the Star of the 2026 World Cup Prediction Market?
ADI Predictstreet is the Official Prediction Market Partner of the FIFA World Cup 2026.

Turn AI into an individual execution system, Claude's latest Managed Agents Best Practices Guide
From Calling to Hosting, Turning AI from a Tool into a Sustainable Execution System

Why Is the US-Iran Ceasefire Doomed to Fail?
Both parties prioritize the power within the contract

A Climbing Gym Owner's 30-Day AI Journey
No Layoffs, Managing Organization Size with AI

Today's Release | Full Lineup of Guest Demos at "Super Creator Live"
In the age of the AI wave, how should we define the expression belonging to this era?

Crypto OG, why has the Hermes Agent emerged as the top challenger to OpenClaw?
Two growth curves are rising simultaneously, but what is rising is completely different.

Kalshi's eight-year entrepreneurial history: A boxer in a suit steps onto the stage
If you know where to go, the whole world will make way for you.

Once you're over 25, you're already too old to be playing with meme coins.
Pump.fun, the world's largest 24-hour online esports platform

Four New Frontlines Post Ceasefire | Rewire News Daily Brief
Rate Cut Window Pushed Beyond Year End

Holmez accepts Bitcoin for toll payment, how much can Iran earn?
When you stretch the numbers and do the math, the answer turns out to be unexpectedly small

When No One on the Team Wants to Sell: The Valuation Game at Anthropic Enters the “Seller Disappearance” Stage
Anthropic's stock, priced at $350 billion, some want to buy but can't buy enough, some can sell but unwilling to sell.
Hyperbeat, to launch a "bank" on Hyperliquid
A chain built for transactions, now wanting you to stash your paycheck there.
Crypto Market Macro Research: US-Iran Ceasefire, Time to Reassess Risk Assets
How Does the US-Iran Ceasefire Impact Risk Assets?
Is Bitcoin Forming a Bottom in 2026? How the Tariff Shock and Ceasefire Could Push BTC Toward $75K
Bitcoin may be forming its 2026 bottom near $65K. See how tariff shocks, ETF inflows, and the Iran ceasefire could shape BTC’s next breakout toward $75K.
Stablecoins Hit $315 Billion in 2026: Why This Is the Biggest Trend in Crypto Right Now
Bitcoin may be forming its 2026 bottom near $65K. See how tariff shocks, ETF inflows, and geopolitical signals could shape BTC’s next breakout toward $75K.
Tiger Research: A Comprehensive Analysis of the Most Profitable Businesses and Their Business Models in Crypto
Payment fees, shared infrastructure, and offshore demand have become new battlegrounds.
Why is the ceasefire between the U.S. and Iran destined to be unsustainable?
In-depth analysis: Why is the US-Iran ceasefire criticized as "nominal"? When both sides are accustomed to placing their own power above agreements, this brief peace lacking trust is destined to be nothing but ruins.
