During a side event at Consensus in Toronto, Senators Gillibrand (Democrat) and Cynthia Lummis (Republican) discussed the progress of the Senate’s work on stablecoin legislation, the Genius Act. Asked whether the bill would be passed by Memorial Day (May 26), Senator Lummis said she believes that’s a fair target date, with Senator Gillibrand nodding in agreement.
In a separate Consensus interview with Congressman French Hill, who Chairs the House Financial Services Committee, he reaffirmed an expectation that both the stablecoin and financial market infrastructure bills could be ready for the President’s signature before the August recess. He said the legislation is currently on track, but they would need to “keep batting hard”. A first draft of a revised crypto market infrastructure bill was circulated last week. It builds on the FIT 21 Act passed by the House (but not the Senate) last year.
However, he noted that a key risk is the potential demands on Senate floor time, particularly with ongoing confirmation hearings of Trump administration team members. But he believes they are in an “excellent working position to move this forward.”
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