U.S. Senate stablecoin bill, the GENIUS Act, may be back on the table this week

The U.S. Senate stablecoin bill, the GENIUS Act, may be back on the table this week, according to people familiar with the matter.

The U.S. Senate’s stablecoin bill, the GENIUS Act, may be back on the table this week, according to people familiar with the matter.

Several pro-crypto Democrats defected last Thursday, causing the bill to fail to pass. It fell short of the 60 votes needed to advance it.

The holdout, including Senator Ruben Gallego and Elizabeth Warren, cited several reservations. These include President Donald Trump’s conflict of interest in the space and corruption concerns.

However, there has been a push for a consensus to advance the bill.

"Progress being made on the GENIUS act, more to come the phone calls may have worked," noted Galaxy head of research, Alex Thorn.

Likewise, former Fox Business crypto reporter Eleanor Terrett highlighted the bipartisan push and added that, according to her sources, the final vote on the bill may happen before Memorial Day recess (26-30 May).

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

But she cautioned that the deadline may not be honored if the Democrats’ agreement isn’t achieved by then.

For his part, Majority Leader John Thune was noncommittal on whether the final vote would be achieved before the 26th of May.

“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,” he was quoted as saying by Politico.

The bill, which has bipartisan support, aims to create federal guidelines for stablecoins and their issuers in the U.S.

If passed, the bill would mark a historic milestone for the crypto sector. It could also strengthen the U.S., which lags behind regions like the E.U. in regulation.

On Polymarket, the odds of passing in 2025 exceed 80%, showcasing strong market confidence.