The stalling of crucial stablecoin legislation in the United States Senate was a minor setback, but Cody Carbone, CEO of Digital Chamber, a Washington, DC-based blockchain trade association, remains optimistic that the bill will pass in the upcoming weeks. Carbone emphasized the importance of passing comprehensive stablecoin regulations to protect US dollar hegemony in global markets, a move that enjoys bipartisan support. The bill, known as the Guiding and Establishing National Innovation in U.S. Stablecoins of 2025 (GENIUS Act), is considered a critical piece of legislation. Failure to enact regulatory reform before the 2026 midterm elections could lead to a negative impact on the regulatory environment and crypto markets. Despite the recent setback, negotiations are ongoing, and Carbone believes the bill will secure passage in the Senate soon. The bill faced opposition from Democratic lawmakers who raised concerns about US President Donald Trump’s involvement in the crypto space, leading to a procedural vote failure. However, industry experts suggest that the latest version of the bill, which excludes references to the Trump family, could be approved by the Senate by the end of May. Republican Senator Tim Scott blamed partisan politics for the bill’s failure, accusing Democrats of obstructing Trump’s digital asset goals. The ongoing scrutiny of Trump’s activities in the crypto market, decentralized finance, and NFT sector has further complicated the regulatory process. In the midst of these challenges, the industry remains hopeful that the stablecoin bill will progress in the Senate in the near future.