Las Vegas, Nevada — The US Senate appears to be approaching passing its landmark Stablecoin Bill, The Genius Act.
“It was extremely difficult,” Ramis said in a fireplace chat with Coinbase Chief Legal Officer Paul Grewal at Bitcoin 2025 in Las Vegas on Tuesday. “I didn’t know how difficult this would be.”
Last week, the Senate voted for advancing the bill, easily clearing the 60-vote threshold required to kick the bill to the final stage of discussion before the final vote, leaving it completely to it. Previous attempts have failed on a bipartisan basis after several Republicans led by Senate Democrats led by longtime codesceptic Elizabeth Warren (D-Mass.) and Republicans, including Josh Hawley of Missouri and Rand Paul of Kentucky.
Ramis says staff (Kirsten Gillibrand (D-New York), co-sponsor of the bill) has played a key role in behind the scenes negotiations to pass the act of genius, and believes the Senate has reached a final contract. If the bill passes, Lummis, the bill’s sponsor, and Sen. Bill Hagerty (R-Tenn.), argued that it was the first law passed by the Senate Banking Committee in eight years.
“It took a huge amount of work,” Hagerty said, speaking on another panel on Tuesday. Hagerty added that a longtime skeptical senator of Sen. Elizabeth Warren (D-Mass.), the bill’s main opponent, has made a coordinated effort to drag the case out in the hopes of halting legislative progress.
Hagerty said the bill was once passed and will become the most bipartisan law to pass the Senate Banking Committee for more than a decade. Supporters of the bill consider it a victory, but they generally feel unhappy with the difficulty of getting a legislation that passes the committee.
“We don’t have any memory of the muscle to legislate anymore, and that’s what we do,” Ramis said. “It’s really very frustrating and very tired, and you need to keep your creativity, your sense of humor and your patience about you.”
Ramis added that she “very hopes” she will be able to work behind the scenes in the House of Representatives on the Market Structure Bill. The home noted that when it comes to the next hurdle of Crypto Act, it has the advantage of “passing muscle memory” to the Senate.
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