Source: Cointelegraph
Original: “Crypto Industry Executives Gather in Washington, D.C. to Support Senate Stablecoin Bill”
According to Coinbase CEO Brian Armstrong, founders from the crypto industry traveled to Washington, D.C. to meet with lawmakers in preparation for a renewed Senate vote on a stablecoin bill that previously failed to pass.
In a post on X from the U.S. Capitol Rotunda on May 14, Armstrong stated that up to 60 crypto industry founders gathered in Washington, D.C. to support the “Guidance and Establishment of a National Stablecoin Innovation Act” (GENIUS Act) currently under consideration in the Senate, as well as the market structure bill being advanced in the House.
The Coinbase CEO indicated that the Senate might “hope to reconsider” the vote on the GENIUS Act after failing to secure enough Democratic support on May 8.
Armstrong said, “Like any good negotiation, there are many details to resolve at the last minute, but we have been emphasizing the urgency of this matter.”
Many Democratic lawmakers have stated that they will not support any crypto-related legislation unless there are clear provisions preventing former President Donald Trump from profiting from his digital asset projects, such as his TRUMP meme coin and the family-supported company World Liberty Financial. A Democratic staffer told Cointelegraph that there are no signs the Republicans intend to address these concerns, while an informed source indicated that doing so would be unconstitutional.
The Senate resumed discussions on advancing the motion to consider the GENIUS Act on May 12, suggesting another vote could take place within days. Cointelegraph has reached out to Coinbase for comment but has not received a response as of publication.
The Republicans currently hold a slim majority in both the Senate and the House, and passing the stablecoin and market structure bills will likely require Democratic support. Ahead of the 2024 elections, some Democrats have voted alongside Republicans to support crypto legislation that provides regulatory clarity.
It remains unclear whether the sponsors and co-sponsors of the GENIUS Act can garner enough support to pass the 60-vote majority threshold without making any changes, and to avoid potential delays or obstruction tactics that could hinder the bill.
Representative French Hill stated at the Consensus conference in Toronto on May 14, “While the political issues surrounding the TRUMP meme coin and crypto investments do complicate our work, I still believe there are constructive members in both chambers of Congress and both parties working behind the scenes to seek consensus.”
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