On the 27th, at the 'Bitcoin 2025' conference in Las Vegas, US senators and industry leaders intensively discussed the necessity and prospects of passing a stablecoin regulation bill. The 'Stablecoins: Separating Money & State?' session was attended by US Senator Bill Hagerty, Representatives Tom Emmer and Bryan Steil, David Marcus from Lightspark, and Sam Kazemian from Frax.
"Payment System from 70-80s Must Be Changed Now"
Senator Hagerty emphasized that "the US payment system is still using a framework designed in the 1970-80s" and that "stablecoins are a 21st-century financial infrastructure that reduces payment speed, cost, and risk." He argued that "stablecoins are a tool for consumer protection and maintaining dollar hegemony," noting that "according to a 2023 Citibank report, stablecoin issuers could become the largest holders of US Treasury bonds by 2030".
"Now or Never"... Confidence in 'Genius Act' Passing in August
The representatives expressed strong confidence that the current stablecoin regulation bill (Genius Act) will pass "before the August summer recess". Representative Emmer stated that "the president has ordered processing of the bill this summer, and there is bipartisan consensus in the House Financial Services Committee".
Representative Bryan Steil added, "The Genius Act and the House's STABLE Act are about 90% similar, and we can reach a consensus through practical coordination. Our priority is passage, not ego".
"Digital Dollar: Key is Allowing Private Sector Leadership"
The key of the bill is to allow 'non-bank entities' to issue stablecoins. Senator Hagerty explained, "Assuming regulatory compliance, we won't restrict issuers whether they are banks or not. What's important is consumer protection and issuance transparency".
Sam Kazemian from Frax said, "This bill is not just a stablecoin regulation, but a declaration of US leadership in digital dollar infrastructure. The US, which issues dollars, should be able to design the safest and most technologically advanced digital dollar".
"CBDC is a Surveillance Tool, We Want a Free Economy"
The latter part of the session continued with discussions opposing central bank digital currencies (CBDC). Senator Hagerty criticized that "some politicians prefer a centralized monetary system, which is an attempt to strengthen government control". Representative Emmer also emphasized, "The CBDC ban bill will be processed along with the stablecoin and market structure bill. A surveillance currency that hinders freedom and innovation is not America's path".
"Trump's Full Support... Opens 'Golden Age' of Digital Finance"
Participants assessed that the Trump administration is showing "unprecedented full support" for the digital asset industry. Senator Hagerty revealed, "In a private meeting with Trump in Mar-a-Lago, he promised to pass the stablecoin bill in the Senate within 100 days, and we are currently in the process of fulfilling that promise".
Representative Emmer evaluated that "President Trump accurately recognizes the economic interests of young voters aged 18-40 and has accepted this as a national growth strategy".
"Clarity, Not Regulation"... Industry Expectations Rise
David Marcus from Lightspark pointed out, "Currently, stablecoins in the US rely on trust licenses and remittance licenses without clear federal regulation. Without clear standards, innovation will be stifled".
He added, "Overseas, they are waiting for the US to set the rules, and these rules can become the global standard".
"Next: Market Structure Bill and Bitcoin Reserve Act"
Finally, the panel predicted that discussions would immediately expand to the Market Structure Bill and Bitcoin Reserve Act after the stablecoin legislation. Sam Kazemian promised, "Once this bill passes, the industry will never forget it and will actively support the next legislative process".
Representative Emmer emphasized, "This is all one ecosystem. When clear rules exist, the US can leap back to being an innovation hub".
This session showed that the digital asset regulatory environment in the US is entering a full-scale policy coordination and legislative transition period, clearly confirming the political sector's strategy of treating stablecoins as the core of dollar competitiveness in the digital age.
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