Senator Cynthia Lumith (R-Wyo.) announced on Thursday that she believes an agreement on the “final language” of the stable law in the Senate has been reached, with hopes of bringing the bill to the floor next week.
“It was quite a marathon this week, but I think we have the final wording,” she told Hill. “Members will have a chance to review it over the weekend, and I’m looking forward to starting the procedural vote on Monday.”
She elaborated on the recent changes to the legislation, noting that it aims to create a solid regulatory framework for payments, which she described as “very detailed,” in contrast to any significant changes.
When asked if there was consensus on the new language, Lumith expressed optimism, saying, “I certainly hope so. I don’t want to face embarrassment next week like we did last week.”
Last week, Democrats blocked progress on the bill aimed at addressing the stable law, leading to a 48-49 vote that fell short of the 60 votes required for further advancement. The vote split largely along party lines following a collapse in bipartisan support for the legislation.
Efforts from crypto-friendly Democrats had gathered support for the bill after Senate leaders attempted to encourage legislative discussions last week.
Democrats previously voted in favor of advancing the bill within the Senate Banking Committee, but they claimed that Republicans had prematurely halted negotiations.
Concerns from Democrats remained regarding issues like money laundering and national security, which hindered their support for the current version of the legislation.
Yet, some early advocates of the measure expressed hope on Wednesday that an agreement might be reached.
Senator Mark Warner (D-Va.) mentioned that he “wants to get things done” but noted, “there are literally a few wording issues.” He added, “I think the bill has improved significantly.”
Senator Reuben Gallego (D-Ariz.), the leading Democrat on the Senate Banking Subcommittee for Digital Assets, stated that both parties were “very close” and that the discussions had been “very constructive.”
Democrats are emphasizing a “big win” in negotiations over stablecoins, including enhanced provisions related to money laundering, national security, and consumer protections. Documents obtained by Punchbowl News highlight new restrictions designed to limit Big Tech’s use of stablecoins.
The new regulations would “prevent non-financially publicly traded companies from issuing stablecoins unless they adhere to strict standards concerning financial risk, consumer data privacy, and fair business practices.” This means firms like Meta, Amazon, Google, and Microsoft would be barred from issuing stablecoins, ensuring a clear distinction between banks and commercial entities.
Updated at 2:33pm
