SCOOP: My DC sources indicate that the #GENIUSACT could be passed in the next week.

According to emerging developments in Washington, the proposed GENIUS Act may soon receive Senate approval. Despite opposition, multiple sources suggest the bill could pass in mid to late May.

The GENIUS Act, a comprehensive cryptocurrency bill, is nearing Senate approval despite opposition from some lawmakers, multiple sources familiar with the matter said on Tuesday.

The bill could be passed in the third week of May, according to one source, adding that members are converging on the legislation’s core provisions.

A second source close to the legislation said that a vote on the bill may take place in mid to late May, presenting a crucial juncture in the cryptocurrency policy landscape.

“My DC sources indicate that the GENIUS Act could be passed in the next week. Clear efforts by @SenWarren and key staff members on the Hill have been made to thwart this legislation. Yes, there will be some changes to this bill, but the core of #stablecoin legislation to create a code of conduct for issuers, provide clear licensing standards, and establish a regulatory framework for stablecoins will remain in the bill. A vote on the bill in the next two weeks would be a huge win for the crypto industry and a setback for those in DC who want to see crypto banned completely. It’s no coincidence that the House passed a bipartisan bill to ban certain types of crypto in December. A final vote on the bill in the Senate in the third week of May would be a fitting way to conclude Memorial Day week with a bipartisan victory for crypto supporters. A vote on the bill is expected to take place in the Senate chamber on Monday, May 26, aligning with the chamber’s holiday break and the broader narrative around tying up loose ends before the recess.

Senator Cynthia Lummis, a known cryptocurrency advocate, hinted at May 26 as a possible target date, aligning with Memorial Day discussions in the chamber.

Senator Kirsten Gillibrand, another cryptocurrency supporter, reportedly agrees with this projection and highlighted the urgency of swift action. “I think we’re going to get there. I think it’s going to be close, but I think we’ll get it done,” Gillibrand stated.

However, other lawmakers believe the GENIUS Act could be brought to a vote earlier, possibly in the third week of May, as part of broader efforts to streamline the legislative agenda.

The bill, which stands for the GENius INstitutional Unencumbered Savings Act, is designed to fill critical gaps in stablecoin regulation, particularly regarding consumer protections and issuer obligations.

It aims to promote innovation in the digital asset space while ensuring that stablecoin issuers are held accountable for their actions. These regulatory measures are intended to foster a competitive and safe environment for digital finance.

Despite ongoing resistance from anti-crypto lawmakers, such as Senator Elizabeth Warren, and certain Capitol Hill staff members who have pushed for modifications to the bill, analysts suggest that these limited changes will not fundamentally alter the GENIUS Act’s primary objectives.

The proposed legislation is focused on financial inclusion and safeguarding the interests of small participants in the digital asset domain.

Authors of the GENIUS Act believe that fair regulation can enhance access to stablecoin-based solutions for everyday financial needs and that the bill sets forth clear licensing standards for stablecoin issuers.

Although debates continue over the precise wording of certain provisions, a strong consensus is emerging on the core elements of the legislation.

As momentum builds for the GENIUS Act’s passage, political observers anticipate a spirit of compromise over secondary clauses in the bill. Despite internal disagreements, the path now appears clear for the legislation to move forward.

The bill is seen as a key part of the U.S. strategy to take a leading role in blockchain policy and digital asset integration at a global level.

Its supporters believe it aligns closely with broader goals to modernize financial systems through responsible cryptocurrency adoption and view it as a foundational framework for future legislation across the domain of digital finance.

According to one self-described angel investor, the bill also ties into former President Donald Trump’s broader plans to prioritize crypto innovation. He claimed that internal government discussions support the notion of Senate approval of the GENIUS Act in the third week of May.

Proponents of the bill assert that it will bolster the U.S.’s standing in global crypto policy development, which has seen rapid advancements in recent months.

House Financial Services Committee Chair French Hill maintains that the GENIUS Act and other financial reforms could be signed into law by August. He confirmed that the legislative process is progressing smoothly with coordinated efforts across different congressional bodies.