According to CoinDesk, Bo Hines, Executive Director of the White House’s Presidential Digital Assets Advisory Committee, stated on Wednesday that despite recent slight setbacks in legislative progress, Donald Trump should still be able to sign the stablecoin and market structure legislation before Congress adjourns in August.
The U.S. Senate Banking Committee passed a regulatory bill for stablecoins called the Guiding and Establishing U.S. Stablecoin National Innovation Act (GENIUS Act) in March this year. However, last week the bill failed to advance due to the inability to terminate debate, preventing it from reaching the final voting stage. During this period, several Democratic lawmakers criticized Trump’s involvement in various cryptocurrency businesses, while some legislators expressed concerns that the relevant drafts did not reflect bipartisan compromise.
Nonetheless, Hines stated at the Consensus 2025 event held in Toronto that lawmakers are still discussing the bill, which is a positive sign. He remarked:
“However, I must admit that the entire legislative process is still ‘evolving.’
Hines also responded to questions regarding the Trump family’s relationship with 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 researching matters related to a ‘Bitcoin Strategic Reserve.’
Cryptocurrency journalist Eleanor Terrett also quoted two Senate sources today, stating that a bipartisan group is close to reaching consensus on the text of the GENIUS Act, though it has not been finalized. Furthermore, Senate leadership is discussing how to resume the procedure for debating the GENIUS Act, including amendment procedures and a motion to re-vote. The current goal is to hold a final vote before the Memorial Day recess this month, although whether this timeline can be achieved depends on reaching a procedural agreement with the Democrats.
In addition, 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 challenging to advance cryptocurrency-related policies. However, he pointed out that there remains a strong bipartisan consensus on the necessity of promoting cryptocurrency legislation, and he believes there is still an opportunity to send the bill to the President for signing before the August recess.