Source: Cointelegraph
Original: (CEO of the Digital Chamber: The U.S. Senate will pass the stablecoin bill in the 'coming weeks')
The stagnation of key stablecoin legislation in the U.S. Senate is just a minor setback, and the bill will pass in the coming weeks, said Cody Carbone, CEO of the Washington D.C. Blockchain Trade Association and advocacy organization Digital Chamber.
In an interview with Cointelegraph at the 2025 Consensus Conference, Carbone believes that passing comprehensive stablecoin regulation to protect the dollar's dominance in the global market is in the best interest of the United States, which has bipartisan consensus and support. Carbone stated:
"Progress on these matters never goes as fast as we hope, but this is stablecoin legislation. This Congress has moved forward with related work at a pace beyond our expectations. So yes, this is just a small bump in the road, but I believe we will see another vote soon."
The 2025 (Guiding and Establishing the U.S. Stablecoin National Innovation Act) (GENIUS Act) is seen as key legislation. Failing to pass comprehensive regulatory reform before the 2026 midterm elections could lead to a reversal of the 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 in the procedural vote in the Senate on May 8, due to several Democratic lawmakers withdrawing their support, citing concerns that former President Donald Trump's involvement in cryptocurrency could raise ethical issues and become the main reason for the last-minute withdrawal of support.
Coinbase Chief Legal Officer Paul Grewal also stated that Trump's connections to cryptocurrency complicate the regulatory process as lawmakers continue to scrutinize his activities in the meme coin market, decentralized finance (DeFi), and the non-fungible token (NFT) space.
Republican Senator Tim Scott pushed back against concerns expressed by Democratic policymakers, attributing the failure to partisan politics and the Democrats' attempt to block Trump from achieving his administration's digital asset goals.
Some industry executives have said the latest version of the bill removes references to the Trump family and may pass the Senate by the end of May.
Related: Kevin O’Leary: Traditional forex and payment platforms "hate" the adoption of stablecoins
