- Lawmakers and analysts agree that the GENIUS Act bill is close to approval.
- The GENIUS Act will provide fair competition in the finance sector.
- Cynthia Lummis targets May 26 for the Stablecoin GENIUS Act approval.
Recent developments surrounding the proposed Stablecoin GENIUS Act indicate a growing optimism for its potential approval in the US Senate in the coming days or weeks.
Pro-crypto senators are reportedly expressing confidence about the proposed legislation, leading many cryptocurrency enthusiasts to believe the bill is moving in the right direction toward becoming law.
Supporters Eye Mid-to-Late May Passage Despite Opposition
One such crypto supporter claims sources within the US government speculated the US Senate would pass the bill in the third week of May. In his latest post on X, the crypto supporter highlighted efforts by anti-crypto senators to thwart the bill but does not believe they will succeed.
According to the self-acclaimed Angel Investor, Senator Elizabeth Warren’s resistance and that of some Capitol Hill staff members could lead to modifications in the bill. However, he believes such changes will not affect the core aspects of the proposed stablecoin bill.
Related: GENIUS Act Nears Senate Breakthrough Amid Regulatory Debate and Delay Concerns
For context, this cryptocurrency supporter views the GENIUS Act’s core features as aiming to refine the banking and finance sector. He considers it a legislative model that would deploy cryptocurrency as a tool to level the playing field for small businesses, retail investors, and blockchain innovators.
According to the crypto analyst, besides creating a level playing ground for participants in the banking and finance sector, the upcoming legislation will boost President Donald Trump’s plan of making the US a global leader in cryptocurrency matters.
Key Lawmakers Indicate Progress on Stablecoin Regulation
While the aforementioned analyst predicts the US Senate might pass the GENIUS Act in the third week of May, pro-crypto Senator Cynthia Lummis extends the target by one more week. Senator Lummis cited May 26, Memorial Day, as a fair target for the bill’s passage, a sentiment with which Senator Kirsten Gillibrand reportedly agreed.
Related: Trump’s Personal Crypto Ties Stall GENIUS Act as Concerns Over Conflicts Grow
Meanwhile, other lawmakers, including Congressman French Hill, who chairs the House Financial Services Committee, reserve a more open-ended timeframe but agree that the bill is moving in the right direction and is on its way to becoming law.
He expects both the GENIUS Act and related financial market structure bills to be ready for the President’s signature before the August recess.
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