Will Congress Finally Approve the Stablecoin Bill? Find Out Now!

In a rare moment of bipartisan unity, there was a push for a final vote on the Senate stablecoin bill before Memorial Day recess. It’s almost like they care, right?
Brian Armstrong, ever the optimist, thought the vote could happen as soon as the 15th of May. Bless his soul.

The GENIUS Act, that noble, unassuming stablecoin bill, might make a dramatic return this week—so say the sages who are “familiar” with the matter. Oh, the intrigue!

Brian Armstrong, the founder of Coinbase and resident crypto cheerleader, made his case from the halls of Washington D.C., reminding everyone that 52 million crypto users are thirsting for regulatory clarity. Because, you know, the future of our financial systems rests on this.

Armstrong dared to hope, with the enthusiasm of a man expecting a rainstorm in the desert, that the bill would come up for a vote again on the 15th of May. And then he added, almost prophetically:

“We’ve been meeting with members of Senate, both sides of House, and there’s a lot of good excitement about getting this done. Like any negotiation, a lot of details work out at the last minute.”

Will the Democrats Finally Drop Their Reluctance?

Last Thursday, alas, the bill did not pass, failing to meet the requisite 60 votes. The plot thickens! Several pro-crypto Democrats, in a shocking twist, defected. The final vote count? A paltry 48 votes. It’s almost as though they don’t understand the importance of stablecoin regulations.

The dissent was led by Senator Ruben Gallego and Elizabeth Warren, who raised concerns about President Trump’s conflict of interest in the crypto space. How original. They also voiced worries about corruption—because nothing says “we care” like a timely reminder of Washington’s finest attributes.

But wait, the saga is not over yet. There are whispers of a consensus starting to take shape, and even Alex Thorn, the head of research at Galaxy, reported remarkable progress. Could this be the turning point? Is there hope on the horizon?

“Progress being made on the GENIUS Act, more to come—the phone calls may have worked.”

And the drama continues! Former Fox Business crypto reporter, Eleanor Terrett, stoked the flames of optimism, citing sources who claim the final vote on the bill might just happen before Memorial Day recess (26-30 May). Wow, such suspense!

“Senate leadership is discussing the procedural path forward to resume consideration of the GENIUS Act, including the amendment process and a motion to reconsider.”

Of course, not everyone is ready to pop the champagne just yet. Terrett warned that the Democrats might still spoil the party if their agreement isn’t reached in time. They love a good cliffhanger.

Meanwhile, Majority Leader John Thune, ever the politician, refused to make any commitments about the vote’s timing. According to a Politico report, he said, with the grace of a seasoned diplomat:

“They’re, I think, hearing from Democrats. So we’ll see how committed everybody is to getting a result and if they can get whatever differences they think they had worked out.”

The GENIUS Act seeks nothing short of a revolutionary regulatory framework for stablecoins and their issuers in the U.S. If passed, this bill would be a historic victory for the crypto sector—something worth putting on your resume, if you ask me. It could also push the U.S. to catch up with the EU, which is already ahead in regulation. Because who doesn’t love a good race?

On Polymarket, the odds of the bill passing in 2025 are over 80%, reflecting the optimism (or maybe just wishful thinking) of the market. The suspense continues. Will they, won’t they? Stay tuned!

2025-05-15 11:00

Will the Democrats Finally Drop Their Reluctance?

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