Ripple CEO Brad Garlinghouse took him to the X social media network and urged U.S. Senators to pass pivotal, ridiculous laws.
“The sooner the US can pass the clear rules, the faster the technology will benefit,” he said.
Garlinghouse notes that Stablecoins is currently “exploding” globally based on the huge number of announcements across crypto and traditional finance.
As Reported by U.TodayThe Genius Act, which aims to create a clear regulatory framework for Stablecoins, failed to pass procedural hurdles in the Senate Thursday, as it can move on to a full vote.
Arizona Sen. Reuben Gallego argued that Democrats don’t have enough time to get used to the proposed changes. As a result, the bill did not receive enough votes to meet the coagulation. Some Republican senators, including Libertarian Rand Paul, also voted against the High Stakes Stubcoin bill.
A new version of the bill could be considered by the Senator next week.
In a statement reposted by Garlinghouse, Treasury Secretary Scott Bescent said the bill presented a “one generational opportunity” to expand control of the US dollar. Bessent warns that cryptocurrency innovation could move offshore.
Galaxy CEO Mike Novogratz stresses that it is “essential” for the Senate to pass Stablecoin law, and that it should not be partisan.
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