According to CoinDesk, Bo Hines, the Executive Director of the White House’s President’s Advisory Council on Digital Assets, stated on Wednesday that despite some recent legislative hurdles, Donald Trump should still be able to sign the stablecoin and market structure bill before Congress recesses in August.
The U.S. Senate Banking Committee passed a stablecoin regulatory bill known as the Guidance and Establishment of the American Stablecoin National Innovation Act (GENIUS Act) in March of this year. However, the bill failed to advance to a final vote last week when it did not pass a motion to end debate. During this time, several Democratic lawmakers criticized various cryptocurrency businesses associated with Trump, and some legislators complained that the related draft did not reflect bipartisan compromises.
Nevertheless, Hines stated at the Consensus 2025 event held in Toronto that lawmakers are still discussing the bill, which is a positive development. He remarked, “However, he also admitted that the entire legislative process is still in a ‘state of flux’.”
Hines also addressed the relationship between the Trump family and the cryptocurrency industry, denying any conflicts of interest, and asserting that his family has the right to participate in the capital markets as private entrepreneurs. Additionally, he revealed that the White House and its working group members are still studying matters related to the “Bitcoin Strategic Reserve.”
Cryptocurrency journalist Eleanor Terrett also quoted two Senate sources today, stating that the bipartisan group is close to reaching a consensus on the text of the GENIUS Act, but it has not been finalized yet. Furthermore, Senate leadership is discussing the procedural path to resume debate on the GENIUS Act, including amendment procedures and a motion for re-vote. The current goal is to conduct the final vote before the Memorial Day recess this month and before coordinating the procedural advance; however, whether this timeline can be realized depends on reaching a procedural agreement with the Democrats.
Additionally, U.S. House Financial Services Committee member French Hill stated in a recent interview with CoinDesk that Trump’s involvement in cryptocurrency businesses, including the launch of the TRUMP meme coin in January, has indeed made it more difficult to push forward cryptocurrency-related policies. However, he pointed out that there remains a strong bipartisan consensus on the necessity of advancing cryptocurrency legislation, and he believes there is still an opportunity to send the bill to the president for signing before the August recess.
