US Lawmakers from Both Parties Optimistic About Stablecoin Bill and Crypto Market Infrastructure Potentially Approved Before August Recess.
US Lawmakers from both parties are cautiously optimistic that important bills related to stablecoin and digital asset market infrastructure could be passed before Congress's August recess - a critical timeline to provide a clear legal framework for the rapidly developing cryptocurrency industry.
Speaking at a event on the sidelines of the Consensus Conference in Toronto, Senators Kirsten Gillibrand (Democratic Party) and Cynthia Lummis (Republican Party) updated the Senate's progress on the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) - a bill being considered to establish legal standards for stablecoin.
When asked if the bill could be approved before Memorial Day (5/26), Senator Lummis considered it a feasible goal - an opinion Senator Gillibrand agreed with.
According to Gillibrand, the current draft has significant adjustments, especially regarding consumer protection mechanisms, bankruptcy handling regulations, and ethical principles applicable to stablecoin issuers - including both domestic and international organizations. She affirmed that the GENIUS Act is receiving broad bipartisan support.
In the House, Representative French Hill - Chair of the Digital Assets Subcommittee of the Financial Services Committee - also expressed in a private interview expectations that both stablecoin and digital financial market infrastructure bills will soon be eligible for presidential signature before August. According to him, the legislative process is currently on the right track, although continued efforts are needed to complete remaining technical and political steps.
A revised draft of the digital asset market infrastructure bill - built on the platform of the Financial Innovation and Technology for the 21st Century Act (FIT 21) previously passed by the House last year - began internal circulation last week. However, Hill warned that procedural requirements and discussion time in the Senate, especially hearings confirming new personnel in the Trump administration, could become obstacles to progress.
An external factor that might potentially interfere is the cryptocurrency-related actions of President Donald Trump. However, according to lawmakers, this should not distract from the legislative process - which is urgently aimed at establishing a clear legal framework for the stablecoin market.
Senator Gillibrand - who had 15 years of legal practice before entering politics - made sharp comments, suggesting that some recent actions by Trump, including meme coin issuance and receiving a private plane from Qatar, might violate the Emoluments Clause in the US Constitution.
She believes these actions pose ethical and legal risks and emphasized that "if Trump wants to participate in the digital asset industry, it can only be done through a blind trust and must fully comply with regulations like any other market entity".
However, she also noted that the GENIUS Act is not an ethics bill, though it includes some basic ethical requirements in stablecoin issuance. "If this bill had to address all of Trump's ethical issues, it would be twice as long," she said sarcastically.
Senator Lummis also emphasized that the core objective is to build a transparent and attractive legal structure to bring the blockchain industry back to the US. She stated that stablecoin could play a central role in modernizing the US public debt market, supporting liquidation for Treasury bonds, and protecting the dollar's role as a global reserve currency.
Representative Hill also agreed, noting that although political elements surrounding Trump's meme coin and digital assets create some complications, constructive members from both chambers are working actively to achieve consensus.
He affirmed that concerns about President Trump's role in the crypto market have been communicated to the White House, and he believes the administration clearly recognizes the importance of these two acts for the sustainable development of the digital asset market.
