Cody Carbone, CEO of the Digital Chamber, stated that the recent setback in the Senate regarding the GENIUS Act for stablecoin regulation is a minor obstacle and that the bill is expected to pass in the coming weeks. He believes comprehensive legislation on stablecoins aligns with U.S. interests in global markets and enjoys bipartisan support. The GENIUS Act's failure to proceed to a full vote was caused by several Democratic lawmakers withdrawing support, partially due to concerns over former President Donald Trump's involvement in the crypto space. Carbone remains optimistic about the bill's passage, emphasizing that this Congress has moved faster on crypto legislation than expected. The legislation is vital for establishing clear regulatory frameworks before potential political shifts ahead of the 2026 midterm elections, which could impact the crypto market negatively if not addressed soon.

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