Sen. Ruben Gallego previews new stablecoin compromises ahead of Senate vote

The United States Capitol. Photo: Matt Laslo

Who?

Sen. Ruben Gallego (D-AZ) — Ranking Member, Digital Assets Subcommittee of the Banking, Housing & Urban Affairs Committee

LISTEN: Press corps & Gallego

Press corps asks:

What are some of the compromises in the new stablecoin substitute amendment you negotiated that you’re happy about?

Key Gallego:

“The highlights are consumer protection, anti-money laundering legislation, bringing some of these companies to make sure that they’re complying with U.S. — either re-shoring or complying by U.S. standards in order to be able to operate in the United States, clawbacks for bankruptcy,” Sen. Ruben Gallego — who helped spearhead the recent Democratic revolt to the bipartisan GENIUS Act that’s before the US Senate over $TRUMP meme coins — said. “There’s also clarifications about what is covered versus not covered by the FDIC. It’’s extensive.”

Caught our ear:

“We could not get that in,” Gallego says of Democrats’ efforts to block Trump from profiting off stablecoin personally.

Below find a rough transcript of Ask a Pol’s exclusive interview with Sen. Ruben Gallego (D-AZ), slightly edited for clarity.

TRANSCRIPT: Sen. Ruben Gallego (6-10-2025)

Scene: Sen. Ruben Gallego is waiting to catch a tram in the Senate basement when a few reporters ask him for an update on his stablecoin negotiations that made it in the final package coming before the Senate, Wednesday June 11,2025.

Press: “In terms of the substituted stablecoin amendment. What are some of the compromises that you guys came to that you’re happy about?”

RG: “It’s really extensive to go into, but the highlights are consumer protection, anti-money laundering legislation, bringing some of these companies to make sure that they’re complying with U.S. — either re-shoring or complying by U.S. standards in order to be able to operate in the United States, clawbacks for bankruptcy. There’s also clarifications about what is covered versus not covered by the FDIC. It’’s extensive.”

Press: “Yeah. And some of your colleagues’ concern about the ethics rules and not placing limitations on the president's family?”

RG: “He’s going to have to abide by all the ethics rules that anyone else is to buy stablecoins. What they wanted is a carve out to block them, we could not get that in.”