Politics

/

ArcaMax

Digital assets bill reclaims spotlight as reconciliation work goes on backstage

Niels Lesniewski, CQ-Roll Call on

Published in Political News

WASHINGTON – It’s the calm before the reconciliation storm fully reaches the Senate this week, with Republicans working behind the scenes to try to forge their own agreement on changes to their “one big, beautiful bill.”

And GOP senators will also be working to scrub the House bill for compliance with the Senate’s reconciliation rules to ensure that when they have a deal, they can pass the measure without the risk of a Democratic filibuster.

But even the calm is relative, with the bipartisan stablecoins bill still being the pending legislative business. Senators began filing amendments before the recess, with plenty more expected as the floor debate gets underway in earnest this week.

Sen. Cynthia Lummis, in a May 27 fireside chat at the Bitcoin 2025 conference in Las Vegas, said she thought senators were nearing an agreement on the next steps in the process.

The Wyoming Republican, an advocate for the digital assets legislation, said supporters of the bill opted to begin with stablecoins, which are tied to the U.S. dollar or another currency, in part because “there are still members of Congress who don’t even know what digital assets are.”

“We thought this would be the place to start. It has been extremely difficult. I had no idea how hard this was going to be,” Lummis said. Part of the challenge, she said, was how infrequently committees such as the Banking, Housing, and Urban Affairs panel advance legislation.

“We’ve lost the mental muscle memory to do it, but we’re trying to slowly recreate it, get the stablecoin bill passed and then move to market structure,” Lummis said.

Before the Senate went on recess, Majority Leader John Thune, R-S.D., filed cloture on four more of President Donald Trump’s executive branch nominees. But Trump announced on social media Saturday that he was withdrawing Jared Isaacman’s nomination to be NASA administrator after “a thorough review of prior associations.”

“I will soon announce a new Nominee who will be Mission aligned, and put America First in Space,” the president said.

The Senate is expected to kick off the week with the vote to limit debate on the nomination of Michael Duffey to be undersecretary of Defense for acquisition and sustainment. Thune has also filed cloture on Allison Hooker’s nomination to be undersecretary of State for political affairs and that of Dale Marks to be an assistant secretary of Defense.

House work

With the reconciliation bill now off to the other side of the Capitol, House Republican leaders are pushing the Senate to largely maintain the House work product.

“I’ve encouraged them to do as little reworking as possible because we have a very delicate balance we’ve maintained in the House, and in the Senate, we both have small majorities,” Speaker Mike Johnson said last week on the Fox News Channel.

 

The Louisiana Republican was asked to respond to a critique from Sen. Ron Johnson, R-Wis., who has said the bill does not reduce the budget deficit.

“I don’t disagree with my good friend Ron Johnson. He’s right. We have a big national debt problem,” the speaker said. “But I think what’s being discounted here is the fact that we are achieving the largest amount of savings in the history of government on planet Earth.”

Meanwhile, House lawmakers are moving on to other business this week. The chamber is scheduled to take up a bill that would reauthorize opioid addiction treatment and prevention programs. The measure came out of the Energy and Commerce Committee at the end of April.

Several measures reported out of the Small Business Committee are expected to see floor action this week, including one that would direct Small Business Administration officials to move offices out of so-called sanctuary cities, or areas that generally limit local cooperation with federal immigration authorities.

The House’s floor schedule for the week also includes a bill, originally introduced by the late Rep. Gerald E. Connolly and now named in the Virginia Democrat’s honor, that would direct the Government Accountability Office to study esophageal cancer. He died May 21, weeks after announcing that his esophageal cancer had returned. He was 75.

At an Oversight and Government Reform Committee markup just before the recess, Chair James Comer, R-Ky., said, “This was the very last piece of legislation that he and I talked about.” Comer co-sponsored the bill with Connolly, who had been the panel’s ranking member,

House Democrats are gearing up for an internal election – reportedly on June 24 – to fill Connolly’s ranking spot, with Rep. Stephen F. Lynch, who has been serving as the acting ranking member, among the declared candidates.

“I have waited in unemployment lines and stood on picket lines, and I understand that working people across this Country are relying on us now more than ever. For the sake of their ability to make a decent living and ensure the health and safety of their families, we must make use of every investigative and legislative tool at our disposal to safeguard the basic freedoms and shared ideals that the Trump Administration is dead set on eroding,” the Massachusetts Democrat wrote in a May 29 “Dear Colleague” letter.

Also in the running for the Democratic top slot are Rep. Kweisi Mfume of Maryland and Robert Garcia of California. Texas Rep. Jasmine Crockett has also said she intends to seek the post.

--------

—John T. Bennett and Nina Heller contributed to this report.

---------


©2025 CQ-Roll Call, Inc. Visit at rollcall.com. Distributed by Tribune Content Agency, LLC.

 

Comments

blog comments powered by Disqus

 

Related Channels

ACLU

ACLU

By The ACLU
Amy Goodman

Amy Goodman

By Amy Goodman
Armstrong Williams

Armstrong Williams

By Armstrong Williams
Austin Bay

Austin Bay

By Austin Bay
Ben Shapiro

Ben Shapiro

By Ben Shapiro
Betsy McCaughey

Betsy McCaughey

By Betsy McCaughey
Bill Press

Bill Press

By Bill Press
Bonnie Jean Feldkamp

Bonnie Jean Feldkamp

By Bonnie Jean Feldkamp
Cal Thomas

Cal Thomas

By Cal Thomas
Christine Flowers

Christine Flowers

By Christine Flowers
Clarence Page

Clarence Page

By Clarence Page
Danny Tyree

Danny Tyree

By Danny Tyree
David Harsanyi

David Harsanyi

By David Harsanyi
Debra Saunders

Debra Saunders

By Debra Saunders
Dennis Prager

Dennis Prager

By Dennis Prager
Dick Polman

Dick Polman

By Dick Polman
Erick Erickson

Erick Erickson

By Erick Erickson
Froma Harrop

Froma Harrop

By Froma Harrop
Jacob Sullum

Jacob Sullum

By Jacob Sullum
Jamie Stiehm

Jamie Stiehm

By Jamie Stiehm
Jeff Robbins

Jeff Robbins

By Jeff Robbins
Jessica Johnson

Jessica Johnson

By Jessica Johnson
Jim Hightower

Jim Hightower

By Jim Hightower
Joe Conason

Joe Conason

By Joe Conason
Joe Guzzardi

Joe Guzzardi

By Joe Guzzardi
John Micek

John Micek

By John Micek
John Stossel

John Stossel

By John Stossel
Josh Hammer

Josh Hammer

By Josh Hammer
Judge Andrew Napolitano

Judge Andrew Napolitano

By Judge Andrew P. Napolitano
Laura Hollis

Laura Hollis

By Laura Hollis
Marc Munroe Dion

Marc Munroe Dion

By Marc Munroe Dion
Michael Barone

Michael Barone

By Michael Barone
Mona Charen

Mona Charen

By Mona Charen
Rachel Marsden

Rachel Marsden

By Rachel Marsden
Rich Lowry

Rich Lowry

By Rich Lowry
Robert B. Reich

Robert B. Reich

By Robert B. Reich
Ruben Navarrett Jr

Ruben Navarrett Jr

By Ruben Navarrett Jr.
Ruth Marcus

Ruth Marcus

By Ruth Marcus
S.E. Cupp

S.E. Cupp

By S.E. Cupp
Salena Zito

Salena Zito

By Salena Zito
Star Parker

Star Parker

By Star Parker
Stephen Moore

Stephen Moore

By Stephen Moore
Susan Estrich

Susan Estrich

By Susan Estrich
Ted Rall

Ted Rall

By Ted Rall
Terence P. Jeffrey

Terence P. Jeffrey

By Terence P. Jeffrey
Tim Graham

Tim Graham

By Tim Graham
Tom Purcell

Tom Purcell

By Tom Purcell
Veronique de Rugy

Veronique de Rugy

By Veronique de Rugy
Victor Joecks

Victor Joecks

By Victor Joecks
Wayne Allyn Root

Wayne Allyn Root

By Wayne Allyn Root

Comics

Michael Ramirez Al Goodwyn Randy Enos Adam Zyglis David Horsey Jon Russo