Despite recent setbacks, U.S. legislation to regulate stablecoin issuers may be heading toward debate and passage next week, according to the backers of the bill known as the «Guiding and Establishing National Innovation for U.S. Stablecoins» (GENIUS) Act.

“Next week, the Senate will make history when we debate and pass the GENIUS Act that establishes the first ever pro-growth regulatory framework for payment stablecoins,” said Senator Hagerty, a Tennessee Republican who sponsored the bill to set U.S. standards for stablecoins, which are typically dollar-based tokens such as Circle’s USDC and Tether’s USDT that are vital to crypto trading activity.

The latest draft of the bill began circulating this week, and a copy seen by CoinDesk showed language had been adjusted in modest ways to help satisfy Democrats concerned with consumer protection and national security elements. In one addition, the bill insisted the big public companies such as Meta wouldn’t be approved as issuers of the tokens, though consumer advocates cautioned that private companies such as Elon Musk’s social media site X would be eligible.

Hagerty paired his statement with one from Senator Kirsten Gillibrand, the New York Democrat who has also pushed this legislation. Her sentiment carried what may have been a shade less confidence about the outcome, and the two lawmakers have ample reason to put a strong public face on a negotiation that’s faced headwinds.

“Stablecoins are already playing an important role in the global economy, and it is essential that the U.S. enact legislation that protects consumers, while also enabling responsible innovations,” Gillibrand said in the statement, contending that «robust consumer protections» are included in the latest version. “The crafting of this bill has been a true bipartisan effort, and I’m optimistic we can pass it in the coming days.”

The Senate has experienced considerable volatility on the bill in the past two weeks, with its recent failure to clear a so-called cloture vote that would have moved it forward into a formal debate. It’s headed toward a second vote on Monday in which it needs 60 votes to advance, which would need to include several Democrats. The Senate would then have some time to continue debating the language and possibly make changes before moving on to actually passing the bill.

Democrats had been critical of its potential for abuse and for stablecoin involvement from corporate giants, but the biggest stink has been raised around President Donald Trump’s own interest in crypto businesses, including World Liberty Financial’s stablecoin play.

Read More: U.S. Senate’s Stablecoin Push Still Alive as Bill May Return to Floor: Sources

A previous version of the bill had easily advanced out of the Senate Banking Committee with a bipartisan vote before some of the same Democrats that approved it later raised objections. But the Senate has more crypto-friendly Democrats in this session than the last, when the Senate Banking Committee denied any progress for crypto bills.

The House of Representatives is also working on its own version, which would have to be melded with the Senate’s before Trump could sign the new standards into law. Representative French Hill, the Republican chairman of the House Financial Services Committee, acknowledged at Consensus 2025 in Toronto that Trump’s crypto involvement has added friction to the lawmakers’ negotiations.

Read More: Trump’s Memecoin, Crypto Stake Make Legislating ‘More Complicated’: Rep. French Hill

Blockchain development platform Alchemy said it has acquired Solana developer DexterLab for an undisclosed fee.

The acquisition will accelerate the development of Solana-based Web3 applications to meet growing enterprise demand, Alchemy said in an emailed announcement on Friday.

DexterLab’s technology has previously powered the Solana development of Google and the Solana Foundation, establishing itself as «a go-to infrastructure provider,» according to Alchemy’s announcement.

One of Alchemy’s aims in acquiring DexterLab is to consolidate Solana development alongside that of Ethereum to reduce complexity for projects building across multiple networks.

Alchemy may be be attempting to capture the growing prominence of Solana as a preferred venue for blockchain applications.

While Ethereum remains comfortably the larger blockchain in terms of total-value locked, there are some metrics where Solana can claim the ascendancy. For example, active addresses on Solana have been over 210 million in the last three months while Ethereum and Ethereum Layer-2 addresses are just below 80 million. Transactions on Solana have also outnumbered Ethereum: 4.75 billion to 1 billion.

Read More: Mike Novogratz’s Galaxy Digital Swaps $100M ETH for SOL, On-Chain Data Shows

“There’s a famous saying that sometimes the enemy of your enemy is actually your best friend,” Eric Trump told the crowd at Consensus in Toronto, Canada. “That was the Trumps with the crypto community. And I think the banks made the biggest mistake of their lives.”

The son of U.S. President Donald Trump and co-founder of bitcoin BTC mining company American Bitcoin is also an adviser to World Liberty Financial (WLF), which recently launched a U.S. dollar-backed stablecoin, USD1, that has already reached $2 billion in market capitalization.

Co-founders of WLF joined Trump on stage on Friday as they announced that USD1 was now operable across multiple blockchains through Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Trump painted a vivid picture of personal grievance turned into ideological conviction, claiming he was “canceled” by major financial institutions for his political views which then got him interested in crypto as a shield against financial gatekeeping.

“So many of the banks have been weaponized and I was case in point,” said the son of the U.S. president. “I was probably the most canceled person for doing absolutely nothing wrong, only because we had a political view, and a political view that might not have been popular with some of the big financial institutions and guys, they came after me like I was a dog.”

USD1, he said, is a patriotic financial tool for people in unstable or corrupt regimes.

“It gives so much freedom of financial choice, especially to markets and countries where people have never had any kind of financial freedom, had never had any kind of financial independence, might be in a country where it’s war torn, where it’s subject to corruption, it’s subject to ridiculous inflation,” he said. “Every single day they go to work and their money is being burned under their mattress, and all of a sudden, we give the world the ability to be on the US dollar backed one to one by US Treasuries.”

Earlier today, lawyers representing WLF pushed back against scrutiny from U.S. Senator Richard Blumenthal, the leading Democrat on a panel responsible for investigating corruption and mismanagement, who had asked about the ownership and investment structure for Trump-affiliated entities, including WLFI, in a letter last week.