Senate Stablecoin Bill Gains Bipartisan Momentum as Democrats Shift Stance

WASHINGTON, D.C. — The Senate's stablecoin legislation, dubbed the GENIUS Act, is now poised to secure substantial bipartisan support after initial resistance from Democrats. Arizona Senator Ruben Gallego revealed that up to 16 Democrats may back the bill in final voting, marking a significant reversal from last month's procedural blockade.

The turnaround follows weeks of intense negotiations, with Republicans incorporating most Democratic amendments addressing consumer protection concerns. "We've worked in a very honest, earnest manner with our Republican colleagues," Gallego told CoinDesk, noting the revised bill differs substantially from its earlier version.

The legislation's progress signals growing political consensus around stablecoin regulation, a critical infrastructure element for broader cryptocurrency adoption. Market observers suggest this development could bolster confidence in dollar-pegged digital assets and their institutional use cases.