I Was Completely Unprepared for How Challenging This Would Be

In the latest developments from the Senate in the United States, lawmakers are nearing the passage of a significant stablecoin regulation known as the GENIUS Act, a push championed by Senator Cynthia Lummis (R-Wyo.), who described the efforts as fiercely contested.

During a conversation with Coinbase’s Chief Legal Officer Paul Grewal at the Bitcoin 2025 event in Las Vegas, Lummis shared, “This journey has been incredibly challenging. I didn’t realize the extent of the difficulties involved.”

Recently, the Senate successfully voted to bring the bill forward, surpassing the necessary 60 votes to initiate the final discussion phase prior to a full vote on its passage. Previous attempts to advance the bill faced bipartisan opposition, notably from Senator Elizabeth Warren (D-Mass.), alongside Republican Senators Josh Hawley from Missouri and Rand Paul from Kentucky, who collectively voted against moving forward.

Cynthia Lummis, along with her staff and that of co-sponsor Kirsten Gillibrand (D-NY), has been instrumental in the negotiations aimed at securing the Senate’s approval of the GENIUS Act. Lummis expressed optimism about having reached a definitive agreement within the Senate, noting that if approved, the bill would mark the first legislation to emerge from the Senate Banking Committee in eight years.

In a separate panel session, Senator Bill Hagerty (R-Tenn.), who sponsors the bill, remarked on the extensive effort that has gone into this legislative venture. He added that Senator Warren has deliberately attempted to prolong the legislative process to hinder its advancement.

Hagerty claimed that upon its passage, the GENIUS Act would represent the most bipartisan legislation to traverse the Senate Banking Committee in over ten years. Despite this achievement, supporters expressed their frustration regarding the broader legislative challenges currently faced by the committee.

“We’ve lost our ability to effectively legislate as we once did. It’s truly frustrating and taxing, requiring a great deal of patience, creativity, and a sense of humor,” Lummis stated.

Expressing her hopes, Lummis mentioned that she is “very hopeful” the Senate could collaborate with the House to craft a market structure bill, recognizing that the House possesses more legislative experience in this area due to its passage of the FIT21 bill last year.