Senate Stablecoin Bill Makes Progress With New Draft—Here’s What’s In It
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Amidst the nail-biter, week-long drama over whether the Senate’s GENIUS Act is really dead or not, progress appears to have been made Thursday—with pro-crypto Democrats now touting concessions they’ve received from Republican colleagues in a new draft of the bill, which could see a vote by early next week. Decrypt obtained a copy and reviewed this negotiated draft of the Senate’s stablecoin legislation. The bill indeed contains new language on issues such as national security protections, ethics, Big Tech, and foreign issuers. But it’s currently unclear if these measures will have enough teeth to make them enforceable. The most high-profile issue plaguing negotiations over the bill has to do with the president himself, Donald Trump, and perceived crypto-related conflicts of interest. His family’s crypto firm, World Liberty Financial, launched its own stablecoin earlier this year, and recently announced a $2 billion deal related to the token with the UAE government. Democrats have insisted that Trump must not be permitted to issue stablecoins while in office. In the bill’s new language, which Democrats touted as containing improved ethics considerations, the president and the vice president are still exempt from a rule barring all senior executive branch officials from issuing their own stablecoins. The new language does now, however, explicitly forbid executive special government employees—like Elon Musk and White House AI and crypto czar David Sacks—from offering such tokens. Stablecoins are cryptocurrencies, typically pegged to the U.S. dollar, that allow users to enter and exit digital asset trades without accessing dollars directly. They also can be used to send remittances or payments overseas, and it is expected that once stablecoin legislation is signed into law, traditional banking firms will flood the sector—bringing billions, if not trillions of dollars, into crypto. The GENIUS Act would establish a legal framework for issuing stablecoins…
Filed under: News - @ May 16, 2025 4:26 am