US Senate will pass Stablecoin bill — Digital Chamber chief

The GENIUS Act of 2025, aiming to establish comprehensive stablecoin regulations in the US, faced a temporary setback in the Senate. Despite this, Cody Carbone, CEO of the Digital Chamber, remains optimistic, predicting its passage within weeks. He emphasizes the bill’s bipartisan support and its crucial role in safeguarding the US dollar’s global dominance. Carbone highlights the unusually swift progress of this Congress on crypto legislation, viewing the recent delay as a minor hurdle.

The bill’s failure to pass a procedural vote on May 8th stemmed from several Democratic senators withdrawing their support. Concerns regarding President Donald Trump’s involvement in the cryptocurrency space were cited as the primary reason for this last-minute reversal. This concern, echoed by Coinbase’s chief legal officer, Paul Grewal, highlights the complexities introduced by Trump’s activities in various crypto sectors, including memecoins, DeFi, and NFTs.

Republican Senator Tim Scott countered these concerns, attributing the bill’s failure to partisan politics and an attempt by Democrats to thwart the Trump administration’s digital asset agenda. A revised version of the bill, reportedly removing references to the Trump family, is expected to be presented to the Senate. Industry executives express confidence in its passage by the end of May. This renewed optimism underscores the significance of the GENIUS Act in shaping the future of stablecoin regulation within the US, a crucial step in navigating the evolving cryptocurrency landscape. The implications of failing to pass the bill before the 2026 midterm elections are significant, potentially reversing the current positive regulatory climate and impacting the crypto market negatively. The ongoing negotiations and revised bill suggest a strong likelihood of eventual passage, reinforcing the commitment to establishing a robust regulatory framework for stablecoins in the United States.