Senator Bill Hagerty, who’s all in on the Senate’s version of the legislation, is pretty confident that next week is the big week where the bill will finally pass. It’s like, historical stuff, you know? The dude predicts that the Senate will “make history” by approving the bill on May 16, 2025, at 10:37 p.m. The legislation in question is all about regulating stablecoin issuers in the good ol’ U.S. of A., which has been a hot topic lately.
Despite some hiccups along the way, backers of the bill, known as the “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS) Act, are optimistic that things are moving in the right direction. Senator Hagerty, a Tennessee Republican, is the man behind the bill that aims to set standards for stablecoins, those dollar-based tokens like Circle’s and Tether’s that keep the crypto trading world spinning. The latest draft of the bill has been making the rounds this week, and it seems like some changes have been made to keep the Democrats happy.
In a surprising turn of events, the bill now explicitly states that big public companies like Meta won’t be allowed to issue stablecoins. However, consumer advocates are a bit skeptical and warn that private companies like Elon Musk’s X could still get the green light. Senator Kirsten Gillibrand, a New York Democrat who’s been pushing for this legislation alongside Senator Hagerty, seems cautiously optimistic about the bill’s progress. She emphasizes the importance of protecting consumers while fostering innovation in the stablecoin space. The road to passing this bill has been bumpy, with the Senate facing challenges in getting enough votes to move forward. But hey, that’s politics for you.
