Bill Hagerty’s Re-Election Bid With Bold Crypto Moves—Will It Pay Off?

• U.S. Senator Bill Hagerty launches his re-election bid, reinforcing his pro-Bitcoin stance and commitment to crypto-friendly regulations.
• Hagerty partners with key lawmakers to refine and reintroduce a bill setting clear stablecoin guidelines, ensuring consumer protection and financial stability.
• His proposed legislation aligns with Donald Trump’s push for crypto adoption, signaling a shift in U.S. policy toward digital assets ahead of the 2025 elections.

U.S. Senator from Tennessee Bill Hagerty gears up for re-election. The veteran politician earlier announced plans to introduce a new bill in Congress to establish clear guidelines for stablecoins.

Hagerty had long advocated for cryptocurrency, believing its economic benefits positioned the US to lead in digital asset innovation. Back in 2024, he tabled a bill to bring clarity to stablecoin regulations, with a key focus on consumer protection and financial stability.

Bill Hagerty's Re-Election Bid With Bold Crypto Moves—Will It Pay Off? 3

Now, as he prepares for re-election, Bill Hagerty has teamed up with co-sponsor Senators Tim Scott, Kirsten Gillibrand (Democrat), and Cynthia Lummis to refine and reintroduce the legislation. Dubbed the Bill for the U.S. Stablecoins or the GENIUS Act, the bill allows state regulators to supervise stablecoin payments of under $10 billion, a bone of contention in previous attempts at legislation.

The legislation also addresses a key area of concern—states competing to attract stablecoin issuers by lowering requirements, leading to a “race to the bottom.” The bill proposed by Hagerty and co. seeks to set up reserve asset requirements to tackle this risk.

During a press conference, Senator Tim Scott, who chairs the Senate Banking Committee, stated he aimed to have the legislation ready for the President’s signature within 100 days.

Bill Hagerty In Trump’s Cabinet

Some of the notable aspects of the bills include stablecoin issuers being required to back up their tokens with U.S. dollars, Federal Reserve notes, Treasury bills, or other stable assets. The bill also mandates monthly audited reports about reserves from stablecoin issuers while providing criminal sanctions to anyone reporting false data. 

The regulations aim to create standards to maintain secure and dependable stablecoins necessary for their broad adoption, as reported by TronWeekly. While the ultimate makeup of a Trump Cabinet is still unclear, sources closer to Trump are confident Hagerty will play an influential role.

Hagerty’s move aligns with US President Donald Trump’s growing emphasis on crypto as a key financial priority. While opposing a central bank digital currency (CBDC), Trump has signaled support for stablecoins as a viable alternative.

With the 2025 elections on the horizon, it remains to be seen how Bill Hagerty’s proposal will pan out in Congress.