The U.S. Senate is close to passing the GENIUS stablecoin bill, and Lummis admits the legislative process is challenging

ChainCatcher news, according to CoinDesk, Wyoming Republican Senator Cynthia Lummis revealed at the Bitcoin 2025 conference that the GENIUS stablecoin bill has entered the final review stage in the Senate. The bill passed a procedural vote last week with over 60 votes, but faced setbacks due to opposition from Democratic leader Elizabeth Warren and some Republicans. If ultimately passed, this would be the first successful piece of legislation from the Senate Banking Committee in eight years.

Lummis and her co-sponsor Kirsten Gillibrand (Democrat) have conducted extensive behind-the-scenes negotiations. Tennessee Senator Bill Hagerty pointed out that this would be the most bipartisan bill from the committee in over a decade, but criticized Warren for deliberately delaying the legislative process. Lummis admitted that the Senate has lost its "legislative momentum" and hopes to draw on the experience of the House's passage of the FIT21 bill last year to advance subsequent cryptocurrency market regulatory legislation.