“Republicans “Adopted A Lot of the Amendments” Democrats Wanted, Sen. Ruben Gallego Said.”, – WRITE: www.coindesk.com
The “Guiding and Establishing National Innovation for Us Stablecoins of 2025” Advance Legislation, Citing Concerns About Consumer Protection and Other Provisions.
Within a week and a Half, However, Gallego and Other Democrats who had defeced from the vote flipped of The Senate.
“We’ve Worked in a Very Honest, Earnest Manner with Our Republican Colleagues, [and] We Think Thaty’ve Been Doing The Same, “He Said in An Interview.
“IT is a significantly differently Bill,” He Said.
He said he Led his colleagues in blocking the first cloture vote “Because we didn’t wask it was a good product,” and democrats Needed More Time to Sort Out.
Gallego Later Said at the Blockchain Association’s “Charting The Course: Crypto Clarity in America” Summit That HE’D SPENT Team Pulled A “POWER PLAY” TO PUSH an an unfinished version toward a vote on the senate Floor. “They Tried to Jam US,” HE SAID.
SO HE LED HIS COLLEAS IN A BRIEF EFFORT TO SLOW Things Down and Ask for Some Changes, He Said.
‘Good Product’“I Really Wanted to Bring A Good Product to the Floor,“ Gallego Said. And so far, his republican Counterparts “have been honoring everything we agreed to.”
If that Continues, The Bill Should Could a Final Vote Next Week That Gets Major Bipartisan Approval, Gallego Said, WHICH HE CONTENDS CONTENDS SHOW EVEN MORE SUPPORT.
Even if the Bill Meets with Success, As HE Experts, It Doesn’T Work Without Also Passing the Legislation to Set Up Regulations for the struxture of the Wider Crypto Markets.
He Aded that Hepd Market Structure Legislation would be work on in a bipartisan manner, noting that while the stablecoin bill is likelly to advance Thouh. to work through of the bills. The Senate Will Have to Take Up Budget Legislation at some Point, in Addition to Whatever Market Structure Bill IT Ultimately Introducts.
“The House Product Has to Be Strong,” Gallego Said, and that Will Direct What Ten Happens in the Senate. “WE DON’T WANT TO BE Starting From Square One.”
‘Optimistic’ DeadlineGallego Suggested that An august Deadline is Optimistic and Added that as Long as Is Is Itarly Next Year, Before March, IT May Nottated by Next Year’s.
“We All Become Like Animals Durying the Election Cycle,” He Said of His Colleagues on Capitol Hill.
Congressman French Hill, Who Runs The House Financial Services Committe, Agreed With Gallego That Finishing Both Bills Is Vital.
French Hill (Nikhilesh De/Coindesk)
“I’m not going back to [former Securities and Exchange Commission Chair] Gary Gensler, “Hill SAID.“ BUT IF We Don’t Pass Both Bills, We Are Potentilly at that Whim at Any Moment, ”to Return to the Interpretation of Regues.
Without the Market Structure Legislation, Traditional Finance Firms and The General Public May Not Be as Willing To Delve Into The Digital Assets Sector, He Said.
“Traditional Finance People Won’t Partner, Won’t Custody, Won’t Act As A Broker, Wonwe Act As A Dealer, Won’t Hire You To Create OFAP. if you don’e have a clity, WHICH is who have to have to have a bot of these bels pass the Congress and be Signated Into Laws in this Congress, “He Said.
Hill Said that Lawmakers from Both Parties and Chambers Still Have A Chance to Move The Bills by August, “If We Cooperate With Each Other.”
Congress Will Try to Move Both Bills to President Donald Trump’s Desk by August, SAID WISCONSIN REPRPRESENTATIVE BRYAN STEIL. Dusty Johnson, Who RepreSents South Dakota, SAID THAT MAY BE DIFINCES OF OPINION Between the House and Senate on at Least The Market Structure Legislation.
“We Can Take Genius, But I DON’T THINK THEY WOURD NECESARY Take Our Clarity Act Lock, Stock and Barrel,” Johnson Said at the Event.
The Bills from the House and Senate Need to be Identical Before The President Can Sign Sign Into Law. EITHER ONE OF THE LEGISLATIVE BODIES WOULD TO SIGN OFF ON THE Other Body’s Work, or The Two Bodies Wound Have to Negotate Out Any DifferentCes.
Reps. Bryan Steil and Dustry Johnson (Jesse Hamilton/Coindesk)
‘One Strong, Loud Voice’The House Financial Services Committee Will Hold A Markup on the Market Structure Bill Next Tuesday.
“We have a Lot of work we have to do,” Said Gallego, Noting that Stretching the Process Into the Start of Next Year Still Works.
“If we move too fasht with a shitty Product, then we’re going to have a shitty vote,“ HE said.
The Crypto Industry Also Needs to Be More Unified in How It Approaches Lawmakers, Blockchain Association Ceo Summer Mersinger in Her Firt Public Appearance in the ROLE Since
“We Must Speak with One Strong, Loud Voice in Washington,” She Said. “Speaking with One Voice Does Not Mean We All Have to Think The Same Way or We Have to Agree On Every Everi Issue.”
However, The Different Groups and Companies Lobbying Washington Should Find Common Ground, She Said.
Read More: Stablecoin Bills in House and Senate Still Need to Mesh on Several Points: French Hill
