US Senate will pass Stablecoin bill — Digital Chamber chief
Key stablecoin legislation in the U.S. Senate has stalled but is expected to pass soon, according to Cody Carbone, CEO of Digital Chamber. He emphasizes the importance of comprehensive stablecoin regulations for maintaining U.S. dollar dominance in global markets, noting bipartisan support. The GENIUS Act is viewed as crucial, with potential negative impacts on the crypto market if not passed before the 2026 midterm elections. The bill faced a setback on May 8 due to Democratic lawmakers withdrawing support, partly due to concerns over former President Trump's involvement in crypto. Coinbase's Paul Grewal highlighted that Trump's ties complicate regulatory efforts. Republican Senator Tim Scott attributed the failure to partisan politics aimed at hindering Trump's digital asset initiatives. The revised bill, which omits references to Trump, may pass by the end of May.
