The group is lobbying in favor of the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), which previously failed to pass due to lack of support, particularly from Democratic lawmakers.
On May 14th, Armstrong shared an image from the Capitol rotunda, emphasizing the growing urgency within the crypto sector to push for legislative clarity. He also hinted that the Senate could revisit the GENIUS Act for another vote as soon as May 15th.
Armstrong stated in his post.
“Like any good negotiation, there’s a lot of details to work out at the last minute, but we’ve been stressing the urgency of this.”
Originally introduced to provide a legal framework for the issuance and regulation of U.S.-based stablecoins, the GENIUS Act has faced significant resistance, particularly from Senate Democrats.
The bill failed to secure sufficient bipartisan backing during a May 8th vote, largely due to concerns over ethical conflicts involving former President Donald Trump and his digital asset ventures.
Source: X (@brian_armstrong)
Many Democrats are hesitant to support crypto-related legislation unless it explicitly addresses potential financial gains by Trump through ventures like his TRUMP-themed meme coin and the World Liberty Financial company. A Democratic staffer indicated there has been no formal effort by Republicans to mitigate these concerns.
Meanwhile, another source familiar with the matter argued that such targeted language could be seen as unconstitutional, complicating the legislative process even further.
In addition to the GENIUS Act, lawmakers are also reviewing a draft of the Market Structure Bill in the House of Representatives. While Republicans currently control both chambers of Congress by a slim margin, any significant crypto regulation, especially one dealing with stablecoins, will likely need bipartisan support to clear the Senate’s 60-vote threshold and avoid a filibuster.
Despite numerous political hurdles, the Senate resumed its discussion of the GENIUS Act on May 12th, hinting that another vote could be imminent. This is crucial because the bill is one of the few key legislations in the United States where both Republicans and Democrats may see eye to eye on certain topics like inflation, though that remains to be seen.
Moreover, the presence of various key industry figures in DC underscores the growing push from crypto executives for regulatory clarity and innovation support. Many in the industry argue that the lack of a comprehensive legal framework in the U.S. is stifling innovation and pushing crypto businesses offshore.
Looking ahead, Donald Trump’s policies could further complicate the legislative landscape. His association with high-profile crypto ventures, like his meme coin and NFT collections, has introduced ethical concerns for some lawmakers, while others see an opportunity for more pro-crypto leadership.
Source: U.S. House of Representatives
Representative French Hill, speaking at the Consensus 2025 conference in Toronto, acknowledged the tension but remained cautiously optimistic.
According to Hill:
“Despite the politics around the TRUMP meme coin and crypto investments—that has definitely made our work more complicated—I still argue that behind the scenes, you’ve got constructive members on both sides of the Capitol and in both political parties working to find consensus.”
With a vote on the GENIUS Act potentially happening within days, the next steps are critical. If sponsors of the bill proceed without amendments that address Democratic concerns, the legislation may once again fall short of the required supermajority.
Still, industry stakeholders remain hopeful that some version of the stablecoin and market structure bills will ultimately pass, providing the regulatory foundation needed to support crypto innovation in the United States.
As the situation unfolds in Washington, DC, one thing is clear: the crypto industry is no longer watching from the sidelines.
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