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“Having worked in the Senate on many legislative efforts, it's hard to get a bill passed,” McWilliams said with a chuckle. “You get done what you can get done, and you call it a victory.”
But despite the broad consensus on the issue, the road to regulation is tricky. Recent reports detail how some crypto companies and lobbyists have pushed to pair stablecoin legislation with a broader, more complex market structure bill—an approach the panelists appeared to oppose. “It would be an utter mistake to try to create a joint and severable model where stablecoins and market structure go side by side,” Disparte said. “It would deny the President a bipartisan legislative win… The stablecoin bill is ready to go and the President wants it on his desk to sign. They can do it before the summer recess, and there's energy—and I think a deep national security imperative to get it right.”
Indeed, there appears to be a growing energy around crypto in Washington. Trump, who once called Bitcoin a “scam,” has embraced the industry—and the industry has embraced him right back. During the 2024 election cycle, crypto companies and executives poured tens of millions into campaign donations, helping usher in a Congress far more friendly to digital assets. In March, Trump said that he hoped to sign stablecoin legislation by August. Since then, both the House and Senate have advanced bills—the STABLE Act and the GENIUS Act—out of committee, setting the stage for what could be the first major piece of crypto legislation in U.S. history.
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