Senate Advances GENIUS Act Despite Challenges

Senator Cynthia Lummis, a key advocate for stablecoin legislation, has openly discussed the significant challenges she has encountered in her efforts to push through the GENIUS Act. Speaking at Bitcoin 2025 in Las Vegas, Lummis described the process as "extremely difficult," admitting that she had underestimated the complexity of the task. Her comments came during a fireside chat with Coinbase’s Chief Legal Officer Paul Grewal, where she highlighted the arduous nature of the legislative process.

The Senate recently voted to advance the GENIUS Act, surpassing the 60-vote threshold required to move the bill to its final discussion phase before the final vote. This progress follows an earlier attempt that failed due to bipartisan opposition, with Senate Democrats led by Elizabeth Warren and several Republicans voting against cloture. Despite these setbacks, Lummis and her co-sponsor, Kirsten Gillibrand, have been instrumental in the behind-the-scenes negotiations to secure the bill's passage.

Lummis expressed optimism that the Senate has reached a final deal on the bill. If passed, it would mark the first piece of legislation to emerge from the Senate Banking Committee in eight years. Senator Bill Hagerty, another key supporter of the bill, echoed Lummis' sentiments, noting the significant effort required to navigate the legislative process. Hagerty also highlighted the obstructionist tactics employed by Senator Warren, who has been a long-time skeptic of cryptocurrency, in an attempt to delay the bill's progress.

Hagerty emphasized that the GENIUS Act, once passed, would be the most bipartisan piece of legislation to pass through the Senate Banking Committee in over a decade. Despite this bipartisan support, the difficulty in passing legislation through the committee has been a source of frustration for its supporters. Lummis acknowledged the challenges, stating that the Senate has lost its "muscle memory" for legislating, making the process both frustrating and exhausting.

Looking ahead, Lummis expressed hope that the Senate could work with the House on a market structure bill, noting that the House has more experience in this area following the passage of FIT21 last year. This collaboration could be crucial in overcoming the next hurdles in crypto legislation. The push for stablecoin legislation has been a complex and challenging process, with key figures like Senator Mark Warner and the White House aligning with Lummis' efforts. The bipartisan support and the alignment between the legislative and executive branches suggest that a resolution is within reach. However, the challenges posed by the banking industry and the controversy surrounding the Trump family's involvement in cryptocurrency highlight the need for a careful and considered approach to stablecoin regulation.