The recent stall of the GENIUS Act in the U.S. Senate is “just a bump in the road,” and the bill will likely pass “in the next few weeks,” according to Cody Carbone, CEO of the Digital Chamber, a leading blockchain advocacy group in Washington, D.C.
Speaking at Consensus 2025, Carbone expressed optimism that lawmakers will ultimately approve stablecoin regulation, arguing that clear rules are essential for safeguarding U.S. dollar dominance in global markets — a goal that enjoys bipartisan support.
“These things never move as quickly as we want them to,” Carbone told Cointelegraph, “but negotiations have continued, and I am still very optimistic. This bill is going to pass the Senate in the next few weeks.”
The GENIUS Act of 2025, seen as a cornerstone for digital asset regulation, failed a procedural vote on May 8 after several Democrats withdrew support, citing President Donald Trump’s personal crypto ties — including involvement in memecoins and NFTs — as a potential ethical concern.
Despite political tensions, revisions to the bill have reportedly removed any direct references to the Trump family, potentially paving the way for a renewed Senate vote by the end of May.
Crypto advocates warn that failing to pass the legislation before the 2026 midterms could risk reversing regulatory momentum, potentially stalling the growth of U.S.-based stablecoin innovation.
Industry figures like Coinbase’s Chief Legal Officer Paul Grewal have acknowledged that partisan politics — and Trump’s increasingly public crypto ventures — have complicated negotiations, but many remain hopeful that compromise is imminent.