TL;DR
- Senators from both parties are reviving a stalled stablecoin bill that recently failed to advance in the Senate.
- Republican Bill Hagerty and Democrat Angela Alsobrooks are leading efforts to pass the legislation before the Memorial Day recess.
- The crypto industry, led by figures like Coinbase CEO Brian Armstrong, is pushing for legislative progress and will support pro-crypto candidates in the 2026 elections.
Washington is once again placing a crucial bill for the future of the crypto ecosystem back on the table. After the Senate setback, where the so-called “GENIUS Act” failed to secure the necessary votes to move forward, lawmakers from both Republican and Democratic sides are working swiftly to bring it back to life. This legislation aims to establish a clear legal framework for stablecoins—digital assets backed by fiat currencies—that play a vital role in the infrastructure of the crypto market.
Republican Senator Bill Hagerty, one of the main sponsors of the bill, declared that the time to act is now, before the legislative agenda becomes dominated by tax and spending issues. From the Democratic side, Senator Angela Alsobrooks of Maryland confirmed that conversations are still ongoing between both parties. Despite internal disagreements among Democrats—some of whom are concerned about President Trump’s ties to the crypto world—support for stablecoin regulation has been steadily growing.
Moreover, pressure from financial and tech groups is increasing, highlighting the urgency to equip the digital ecosystem with modern regulatory tools suited to today’s global economic reality. This movement also responds to the growing public interest in adopting more decentralized and inclusive financial solutions.
Rising Support From The Crypto Sector And Electoral Implications
Meanwhile, the crypto industry is not standing still. Influential figures such as Coinbase CEO Brian Armstrong are ramping up pressure on Congress, calling for a swift resolution that would provide regulatory clarity to the sector. This political push is also translating into tangible action: executives and crypto-linked funds are expected to boost their donations to pro-crypto candidates in the upcoming 2026 midterm elections.
The previous failure of the bill was partly due to concerns about illicit financing and the potential use of stablecoins by foreign actors. However, supporters of the legislation argue that a clear legal framework would help prevent those risks, attract innovation, and provide legal stability to a sector that already moves billions of dollars.
In a global context where countries like Japan, Switzerland, and the United Arab Emirates already have regulatory frameworks for stablecoins, the United States risks falling behind. For pro-crypto lawmakers, this is an opportunity the country simply cannot afford to miss.
