US Senate will pass Stablecoin bill — Digital Chamber chief
The stalling of key stablecoin legislation in the United States Senate was a minor setback, and the bill will pass in the coming weeks, said Cody Carbone, CEO of Digital Chamber, a Washington, DC,-based blockchain trade association and advocacy group.
Speaking to Cointelegraph at Consensus 2025, Carbone argued it is in the best interests of the US to pass comprehensive stablecoin regulations to protect US dollar hegemony in global markets, which has bipartisan appeal and support. Carbone said:
“These things never move as quickly as we want them to move, but it’s stablecoin legislation. This Congress has already moved more expeditiously than we ever could have imagined. So, yes, it’s a bump in the road, but I think very, very shortly, we will have another vote.”
The Guiding and Establishing National Innovation in U.S. Stablecoins of 2025, or GENIUS Act, is seen as a critical piece of legislation. Failing to pass comprehensive regulatory reform before the midterm elections in 2026 could mean a reversal in the positive regulatory environment and a downturn in the crypto markets.
“Negotiations have continued, and so I am still very optimistic,” Carbone said. “This bill is going to pass the Senate in the next few weeks.”
Related: What are the next steps for the US stablecoin bill?
Partisan politics and Trump’s involvement in crypto blamed for bill failure
The act failed to pass a procedural vote in the Senate on May 8 after several Democratic lawmakers withdrew support for the bill, citing US President Donald Trump’s involvement in crypto as a potential cause for ethics concerns and the primary driver for backpedaling support for the bill at the last minute.
Coinbase chief legal officer Paul Grewal likewise said that Trump’s crypto ties complicate the regulatory process, as lawmakers continue to scrutinize his activities in the memecoin market, decentralized finance, and the non-fungible token (NFT) sector.
Republican Senator Tim Scott fired back against the concerns voiced by Democratic policymakers, attributing the failure to partisan politics and an attempt by Democrats to prevent Trump from achieving the administration’s digital asset goals.
The latest version of the bill removes references to the Trump family and could pass the Senate by the end of May, some industry executives say.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Sam Bankman-Fried claimed that handing over FTX to its current CEO was the “single biggest mistake” that prevented him from saving the exchange.
The Conservative Party will leave a key human rights treaty if it wins the election, its leader Kemi Badenoch has said.
Ms Badenoch announced the policy to leave the European Convention on Human Rights (ECHR) ahead of the Conservative Party’s conference next week.
Despite many Tory MPs having expressed displeasure with the treaty, and the court that upholds treaty rights in recent years, it had not been party policy for the UK to exit it.
The move follows a review on the impact of the UK’s ECHR membership conducted by shadow attorney general Baron Wolfson.
Lord Wolfson’s nearly 200-page report said the ECHR had impacted government policy in numerous areas.
The report said this includes limiting government’s ability to address immigration issues, potentially hampering restrictions on climate change policy, and impacting government ability to prioritise British citizens for social housing and public services.
Read more:
Baroness Mone: I have no wish to rejoin Lords as Conservative peer
But leaving the ECHR would “not be a panacea to all the issues that have arisen in recent years”, Lord Wolfson said.
It comes after the Reform Party in August said they would take the UK out of the ECHR if elected.
The Conservatives have increasingly come under threat from Reform and are being trailed in the polls by them.
What is the ECHR?
The ECHR was established in the 1950s, drafted in the aftermath of the Second World War and the Holocaust, to protect people from serious human rights violations, with Sir Winston Churchill as a driving force.
It’s 18 sections guarantee rights such as the right to life, the prohibition of torture, the right to a fair trial, the right to private and family life and the right to freedom of expression.
It has been used to halt the deportation of migrants in 13 out of 29 UK cases since 1980.
Conservative Party leader Kemi Badenoch. Pic: PA
A political issue
Leaving the ECHR would breach the 1998 Good Friday Agreement, the peace settlement deal between the British and Irish governments on how Northern Ireland should be governed.
Labour has in recent days said it was considering how Article 3, the prohibition on torture, and Article 8,
the right to respect for private and family life, are interpreted. The sections have been used to halt deportation attempts.
The Liberal Democrats and Greens are in favour of the ECHR.
A general election is not expected until 2029.
Coinbase said seeking the license is part of its broader effort to bridge the gap between crypto and traditional finance.
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