Urgent: US Senate Stablecoin Bill Advances, Removes Trump Crypto Focus
Big news from Capitol Hill for the crypto world! A crucial stablecoin bill is gaining momentum in the US Senate, potentially clearing a path for significant crypto regulation. The latest development? Language specifically targeting former President Donald Trump’s extensive Trump crypto ventures has been removed, aiming to streamline the bill’s passage.
Why the Senate Stablecoin Bill is Back on Track
The bipartisan bill, known as the GENIUS Act, hit a snag earlier this month when Senate Democrats expressed concerns it didn’t adequately address potential conflicts of interest related to Trump crypto dealings. However, recent refinements appear to have resolved these issues, focusing the bill squarely on its primary objective: establishing a regulatory framework for stablecoins.
Senator Kirsten Gillibrand confirmed the language changes, stating the revised bill includes improved provisions for:
- Consumer protection
- Bankruptcy protection
- Ethics requirements (though she stressed it’s not primarily an “ethics bill”)
She noted that many of Trump’s crypto activities, including his memecoin issuance, might already be subject to existing laws. The focus of this legislation, she emphasized, is regulating the entire stablecoin sector.
Targeting Passage: Next Week is Crucial
Both Democratic Senator Kirsten Gillibrand and Republican Senator Cynthia Lummis expressed optimism about the bill’s prospects. Senator Lummis believes it’s a “fair target” to get the GENIUS Act passed by May 26, which is Memorial Day in the US.
Coinbase CEO Brian Armstrong, present at the same event, echoed this hope, anticipating a Senate vote “early next week.” The urgency stems from a narrow window for significant crypto legislation before upcoming elections.
The Push for Crypto Legislation Before Midterms
The crypto industry is strongly advocating for the passage of both the stablecoin bill and a separate market structure bill before the November 2026 midterm elections. Industry leaders like Marta Belcher of the Blockchain Association highlight the limited time frame for getting substantial crypto regulation enacted.
Key deadlines include:
- **Next Week (by May 26):** Target for the Senate stablecoin bill vote.
- **Before August Recess:** Industry goal for both stablecoin and market structure bills to pass Congress.
- **Before Nov 3, 2026 Midterms:** The broader deadline before the legislative environment potentially changes.
Passing crypto legislation now is seen as critical, especially given concerns about potential future administrations being less favorable to the industry.
What This Means for the Stablecoin Market
The potential passage of the stablecoin bill signifies a major step towards regulatory clarity in the US. While not addressing every facet of the crypto market or all potential ethical concerns, it aims to provide a foundational framework for stablecoin issuers and users. This could enhance consumer confidence and potentially pave the way for broader institutional adoption of stablecoins.
Summary: Stablecoin Bill Nears Finish Line
The US Senate is making significant progress on the bipartisan stablecoin bill, removing contentious language related to Trump crypto interests to build consensus. With key senators and industry figures pushing for a vote as early as next week, the crypto community is watching closely. The successful passage of this crypto legislation is viewed as essential for establishing clear rules and fostering innovation in the digital asset space before political calendars make it more challenging.
