Source: Cointelegraph
Original: “CEO of Digital Chamber: US Senate Will Pass Stablecoin Bill in 'Coming Weeks'”
The stagnation of key stablecoin legislation in the US Senate is merely a minor setback, and the bill is expected to pass in the coming weeks, according to Cody Carbone, CEO of the Washington, D.C. Blockchain Trade Association and advocacy group Digital Chamber.
In an interview with Cointelegraph at the 2025 Consensus conference, Carbone believes that passing comprehensive stablecoin regulations to protect the dollar's dominance in the global market is in the best interest of the United States, and there is bipartisan consensus and support for this. Carbone stated:
“Progress on these matters is never as fast as we hope, but this is stablecoin legislation. This Congress has moved forward with related work at a pace beyond our imagination. So yes, this is just a small bump in the road, but I believe we will see another vote soon.”
The 2025 “Guidance and Establishment of a National Innovation Act for US Stablecoins” (GENIUS Act) is viewed as key legislation. Failure to pass comprehensive regulatory reforms before the 2026 midterm elections could lead to a reversal of a positive regulatory environment and a downturn in the crypto market.
Carbone said, “Negotiations are still ongoing, so I remain very optimistic. This bill will pass the Senate in the coming weeks.”
The bill failed to pass a procedural vote in the Senate on May 8, as several Democratic lawmakers withdrew their support, citing concerns that former President Donald Trump's involvement in cryptocurrency could raise ethical issues, which became a major reason for the last-minute withdrawal of support.
Coinbase Chief Legal Officer Paul Grewal also noted that Trump's ties to cryptocurrency complicate the regulatory process, as lawmakers continue to scrutinize his activities in the meme coin market, decentralized finance (DeFi), and non-fungible tokens (NFTs).
Republican Senator Tim Scott countered the concerns expressed by Democratic policymakers, attributing the failure to partisan politics and the Democrats' attempts to thwart Trump's digital asset goals.
Some industry executives indicated that the latest version of the bill removed references to the Trump family and could pass the Senate by the end of May.
Related: Kevin O’Leary: Traditional Forex and Payment Platforms "Hate" the Adoption of Stablecoins
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