Ripple CEO Brad Garlinghouse has taken to the X social media network to urge US senators to pass pivotal stablecoin legislation.
“The sooner that the US can pass workable, clear rules, the faster it reaps the benefits of this technology,” he said.
Garlinghouse has noted that stablecoins are currently “exploding” globally based on the sheer number of announcements across crypto and traditional finance.
As reported by U.Today, the GENIUS Act, which is meant to create a clear regulatory framework for stablecoins, failed to pass a procedural hurdle in the Senate on Thursday in order to be able to advance to a full vote.
Arizona Senator Ruben Gallego claimed that the Democrats did not have enough time to familiarize themselves with the proposed changes, which is why the bill did not get enough votes to meet cloture. Some Republican senators, including libertarian Rand Paul, also voted against the high-stakes stablecoin bill.
It is likely that a new version of the bill will be considered by senators next week.
In a statement reposted by Garlinghouse, Treasury Secretary Scott Bessent stated that the bill presented a “once-in-a-generation opportunity” to expand the dominance of the US dollar. Bessent has warned that cryptocurrency innovation could move offshore.
Galaxy CEO Mike Novogratz has stressed that it is “imperative” for the Senate to pass stablecoin legislation, stressing that it should not be partisan.
