Warren and Merkley amendments about conflicts of interest tension the fragile bipartisan consensus.
The camera would hurry the process to approve before August, but technical adjustments can stop it.
Faced with the advance of the Chinese Yuan Digital and the implementation of regulation of cryptoactive markets (MICA) in the European Union, the United States articulates its response in global technological competition.
In this context, the Genius bill (guide and establishment of national innovation for the US stablecoins. This effort is directly aligned with the promise of President Donald Trump to position the United States as the world epicenter of digital assets.
With a Stablecoins market that exceeds 230 billion dollars in capitalization only with USDT and USDC, the Genius law could also strengthen the dollar against global disdain trends, as reported by cryptonotics. However, The legislative process faces crucial challenges that could delay its final approval and entry into force.
These are the missing steps and the risks that could delay its entry into force:
1.-Debate and amendments in the Senate: The battle for details
After the approval this week of both the return of the Genius bill to the Senate and its subsequent motion of closing, the legislative proposal advanced to the formal debate, where amendments are expected in the next few days, possibly addressing concerns about conflicts of interest, such as the USD1 stablecoin linked to the Trump family.
During this period, senators are expected to present more than 50 amendmentsaddressing issues such as conflicts of interest, measures against money laundering and consumer protections. Among these, he stands out The amendment of Senator Ted Cruz, which prohibits any official to restrict or harm lawful transactions made by people for their own purposes using personal cryptocurrency purses.
This proposal, together with Other amendments Of figures such as Senators Elizabeth Warren and Jeff Merkley on the USD1 Stablecoin linked to the Trump family, it could intensify negotiations, especially in a context of strong bipartisan support.
The debate, crucial to define the final text of the law, will determine if the Senate manages to approve the project In the final vote of the bill for the regulation of the stablecoins, planned before the recess of the Fallen Day on Monday, May 26, 2025, or if the political tensions delay the process.
2.-The House of Representatives: A path not without obstacles
In case of approval in the Senate Plenary, the project will pass to the lower housecontrolled by Republicans. There, the Financial Services Committee will review the text, hold hearings and possibly introduce modifications.
The Chamber has already shown interest in regulating the sector with the approval of the FIT21 in 2024, which included provisions on Stablecoins. However, technical or ideological differences could force negotiations.
If the camera approves a different version of the text introduced initially, A conference committee will be needed to harmonize both texts. This step, although probably agile for the bipartisan impulse, could consume weeks, so by then it would be the month of July.
3.-The presidential signature: Trump, the decisive factor
With both aligned cameras, the project would reach the desk of President Donald Trump, who has openly expressed his approval on the regulation for the Stablecoins. Taking this into account, It is possible that a signature ceremony be held before the recess of August 2025.
Without going any further, the Treasury Secretary, Scott Besent, reaffirmed on Friday that the Trump administration is betting strongly on initiatives in favor of digital assets. “Approveing the bill on Stablcoins is just the beginning,” said via X as seen below.
It is estimated that a presidential veto of Donald Trump to the Genius law would only be possible if the final text incorporates severe restrictions on USD1, the stablecoin linked to his family, which could be perceived as a direct attack on his interests.
In this case, Congress I would need a two -thirds supermayer in both cameras – at least 67 votes in the Senate and 290 in the House of Representatives – to cancel the veto, a threshold difficult to reach the current political panorama.
Although the law has a solid bipartisan support, evidenced by the 69 votes in favor in the Cloture motion of May 21, 2025, the polarization around USD1 could complicate obtaining this additional support, reducing the probability of overcoming a presidential veto.
After all, the most optimistic path points to an approval in the Senate at the end of May, an express procedure in the Chamber in June-Julio, and a presidential firm in August. However, disputes over conflicts of interest and the political weight involving USD1 are unpredictable variables. What is clear is that, After years of stagnation, USA is closer than ever having a Stablecoins law.
