Source: Cointelegraph
Original: “Senate Plans to Pass Stablecoin Bill Next Week, Removing Language Targeting Trump”

The U.S. Senate may pass a key bipartisan stablecoin bill as early as next week, which removes language targeting President Donald Trump and his family's extensive cryptocurrency interests.

Republican Senator Cynthia Lummis stated at an event hosted by the Coinbase lobbying group Stand With Crypto that she believes passing the "Guidance and Establishment of a National Stablecoin Innovation Act" (referred to as the GENIUS Act) before May 26 (Memorial Day in the U.S.) is a "reasonable goal."

Democratic Senator Kirsten Gillibrand, who shared the stage with her, hinted that the language of the bill has been modified to remove provisions targeting several cryptocurrency projects associated with Trump. These projects include meme coins, a crypto platform, a stablecoin, and a crypto mining company planning to go public.

"When the language of this bill is released, people will see very good improvements, with significant progress in consumer protection, bankruptcy protection, and ethics," Gillibrand said. "It's not just about 'What is the structure?' and 'What do issuers need to do?'"

Senate Democrats withdrew their support for the bill on May 8, hindering its progress, as they were concerned that the bill would not address several cryptocurrency-related transactions that would benefit Trump personally.

"Many of the activities that President Trump is involved in are already illegal," Gillibrand said. "I also believe that under current law, his issuance of meme coins is illegal."

"I'm not worried that this bill has to address all of President Trump's ethical issues. The real purpose of this bill is to regulate the entire stablecoin space," she added.

Gillibrand stated that the revised bill includes "some ethical requirements," but it "is not an ethics bill."

"If we were to address all of President Trump's ethical issues, it would be a very lengthy and detailed bill," she added.

Also on stage, Coinbase CEO Brian Armstrong expressed optimism that the Senate would vote on the stablecoin bill "early next week."

Armstrong's company has built a closer relationship with Trump by donating $1 million to his inauguration fund, and when asked whether the president's meme coins might affect the passage of the bipartisan crypto bill, he declined to comment.

"Commenting on President Trump's activities is not my responsibility," he said. "I think it's important that this bill continues to focus on stablecoins."

The crypto industry is pushing Congress to pass the GENIUS Act and a Republican-drafted crypto market structure bill before the midterm elections on November 3, 2026, when all 435 House seats and one-third of the 100 Senate seats will be up for election.

"We have a very narrow window to pass legislation between now and the midterm elections," said Marta Belcher, president of the Blockchain Association, a crypto lobbying group, at the Consensus conference in Toronto.

"I strongly suspect this window will close soon. I don't know if we will have another opportunity to pass legislation," she added.

"It is absolutely critical to pass the bill now, especially because there is indeed a possibility of an unfriendly government towards crypto in the future."

The association's communications director, Chris Jonas, added that passing these bills before Congress's August recess is crucial.

"Once we enter the calendar year of the midterm elections, historically, there isn't much legislative progress, which is why passing the bill now is so critical," he explained.

According to Bo Hines, executive director of the Presidential Advisory Council on Digital Assets, Trump is expected to sign both crypto bills before the August recess.

Hines stated at the Consensus conference on May 13 that negotiations on the two bills are still ongoing, but "the president's wish" is to "sign stablecoin legislation and market structure legislation before the August recess."

Related: After Coinbase's $2.9 billion acquisition of Deribit, CEO reveals plans for a new round of mergers and acquisitions.

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