US Senate To Pass Historic GENIUS Act Next Week, Says Senator Bill Hagerty

As the US Senate’s failure to advance the historic stablecoin bill, the GENIUS Act, has increasingly sparked criticism, Senator Bill Hagerty fuels optimism. In a recent X post, Hagerty claims that the Senate will pass the bill by next week.

“Next week, the Senate will make history when we pass the GENIUS Act that establishes the first ever pro-growth regulatory framework for payment stablecoins,” states Bill Hagerty.

Will the GENIUS Act Pass Next Week? Senator Hagerty Says Yes

According to Senator Bill Hagerty, a top proponent of the GENIUS Act, the US Senate is poised to pass the stablecoin bill next week. Senator Hagerty’s statement comes amid increasing uncertainty surrounding the future of stablecoins in the country. For instance, pro-XRP lawyer John Deaton raised concerns over the potential delay in the crypto reform until 2029 if the GENIUS Act stalls.

Further, Bill Hagerty underscored the potential benefits of the stablecoin bill. Hagerty believes that the bill will establish a regulatory framework for payment stablecoins, maintaining the US dollar’s global dominance in the digital economy. Thus, the bill seeks to safeguard customers and promote trust in digital assets.

In addition, the stablecoin bill could also drive demand for US Treasury securities, supporting the country’s financial stability. It also ensures that innovation in this space remains in the hands of US entities, rather than foreign adversaries.

Why Stablecoin Regulation Matters? Explains Senator Kirsten Gillibrand

Another prominent figure who promotes the GENIUS Act is Senator Kirsten Gillibrand. As per his statement, the stablecoin bill intends to protect consumers and foster innovations in the stablecoin space. He posited,

Stablecoins are already playing an important role in the global economy, and it is essential that the U.S. enact legislation that protects consumers, while also enabling responsible innovations. The bipartisan GENIUS Act will provide regulatory clarity to this important industry, keep innovation on shore, add robust consumer protection, and reaffirm the dominance of the U.S. dollar. The crafting of this bill has been a true bipartisan effort and I’m optimistic we can pass it in the coming days.

Significantly, Senator Hagerty’s prediction comes amid Senate Majority Leader John Thune’s decision to schedule a ‘cloture vote’ on Monday to move the stablecoin bill forward.

Stablecoin Issuers In the Spotlight

With the proposed stablecoins in the United States, stablecoin issuers like Tether and Circle can operate more clearly. These regulations will level the playing field, helping even new entrants into the market gain a comparable advantage.

In lieu of these regulations, issuers like World Liberty Financial (WLFI) are taking proactive steps to secure their assets. As reported earlier by CoinGape, WLFI partnered with Chainlink to secure USD1 as it looks to go multichain.