The U.S. Senate prepares to conduct a landmark stablecoin bill vote on Thursday, following final transaction negotiations. The United States will witness its first cryptocurrency legislation to create national standards for dollar-pegged stable cryptocurrencies.
According to Politico, Republican backers of the bill, known as the GENIUS Act, are attempting to ease growing concerns within their own party while also working to gain backing from a key group of influential Democrats.
Majority Whip John Thune (R-S, D.) filed cloture procedures on Tuesday night ahead of a pivotal procedural vote needing 60 votes for continuation. Sen Bill Hagerty (R-Tenn.) introduced the bill with co-sponsor Sen. Cynthia Lummis (R-Wyo.), yet the measure continues to face bipartisan resistance during pressing behind-the-scenes discussions.
Republicans focused their efforts on winning support from select Democratic representatives who rejected the last version of the bill. Sen. Kevin Cramer (R-N.D.) noticed strengthened momentum develop after Senate Democrats paused their assessments throughout the weekend.
Senate staffers work anonymously behind locked doors to develop legislative language that fits with bipartisan support measures. This proposed legislation wants to create definitive rules regarding stablecoin issuance and administration within the swiftly expanding crypto market segment, which historically has faced minimal regulation.
Lummis met with Schumer (D-N.Y.) on Tuesday and described the Senate Majority Leader as amenable to reaching an agreement. Senator Lummis believes Leader Schumer maintains genuine intentions to create meaningful progress with the bill.
Despite this, some Republican members do not support the bill. Sen Rand Paul (R-Ky..) expressed deep opposition to the bill, which he feared would dampen innovation opportunities. The proposed rules about stablecoins concern R-Mo Senator Josh Hawley because they lead big tech companies to create their own stablecoins under these new rules.
Even previous supporters are now withholding final judgment. Sen John Kennedy (R-La…), who voted for the bill in committee, said the legislation has evolved too much behind closed doors for him to commit just yet. “It’s changed a lot, and they’re making deals all over hell and half of Georgia,” he said. “Until I understand what those deals are and how the bill has changed, I’m not on board.”
Also read: Coinbase CEO Urges U.S. Lawmakers to Pass Stablecoin Bill
