The Senate appears primed to take up stablecoin legislation for a second time next week, after the bill failed to clear an early procedural hurdle last week.
Sen. Cynthia Lummis (R-Wyo.), chair of the Senate Banking subcommittee on digital assets, said Thursday she believes senators have agreed on “final language” for the bill and expects it to head to the floor Monday.
“It has been an all-week marathon and sprint at the same time, but I believe we’ve got final, final language,” she told The Hill. “So, members will have a chance to look at it over the weekend again, and I expect procedural votes to begin on Monday.”
When asked if both sides were on board with the new language, Lummis said, “I certainly hope so. I don’t want to be embarrassed next week like I was last week.”
Senate Majority Leader John Thune (R) teed up the GENIUS Act for a procedural vote next week shortly after Lummis expressed confidence in the bill’s progress to The Hill.
Democrats last week blocked the Senate from moving forward with consideration of the bill, which would create a regulatory framework for payment stablecoins.
The GENIUS Act was voted down 48-49, falling short of the 60 votes required to bring it closer to final passage. The vote was split almost entirely along party lines after bipartisan support for the legislation fell apart last week.
A contingent of crypto-friendly Democrats pulled their support for the bill last week, accusing Republicans of prematurely cutting off negotiations after Senate leadership sought to expedite a vote.
After about two weeks of negotiations, Democrats appear more optimistic about the legislation.
In a document circulating among pro-crypto Democrats, they touted "major victories," including stronger anti-money laundering, national security and consumer protection provisions, as well as new restrictions aimed at Big Tech.
