The United States Senate is poised to pass a landmark bipartisan stablecoin bill, the GENIUS Act, as early as next week, following a key revision that removed controversial language targeting former President Donald Trump’s crypto ventures.
Senator Cynthia Lummis, a Republican from Wyoming, announced during a Coinbase-hosted event on May 14 that the Senate aims to pass the Guiding and Establishing National Innovation for US Stablecoins Act by May 26 — Memorial Day. She was joined by Democratic Senator Kirsten Gillibrand, who confirmed that the bill had undergone notable changes to eliminate clauses perceived as singling out Trump’s crypto-related activities.
Senator Gillibrand stated that the upcoming language will showcase significant improvements in consumer protection, bankruptcy protection, and ethics, moving beyond the structural and issuer requirements.
Earlier in May, Senate Democrats had withdrawn support for the bill, stalling its progress amid concerns that it failed to address Trump’s crypto dealings, which include the launch of a memecoin, involvement in a stablecoin project, a crypto exchange platform, and a mining company with plans to go public.
Gillibrand didn’t mince words, stating,
“A lot of what President Trump is engaged in is already illegal. Issuing a memecoin and using it to curry political favour potentially is one of the clearest examples of that.”
She emphasized, however, that the revised GENIUS Act is not an ethics bill.
Coinbase CEO Brian Armstrong, who also spoke at the event, expressed optimism that the bill would see a vote “early next week.” Armstrong, whose company donated $1 million to Trump’s 2017 inauguration, declined to comment on whether Trump’s memecoin could impact the fate of the legislation. “It’s not my place to comment on the President’s personal activities. What’s important is that this bill stays focused on regulating stablecoins,” he said.
Today on the Hill, I spoke with lawmakers – including @SenLummis and @SenGillibrand, and with @semafor‘s @Eleanor_Mueller – about how we’re on the cusp of meaningful laws for stablecoins and building bipartisan momentum for market structure legislation. So close! pic.twitter.com/56rxt9xCBu
— Brian Armstrong (@brian_armstrong) May 15, 2025
The GENIUS Act is one of two major crypto bills the industry is urgently pushing through Congress, alongside a Republican-crafted market structure framework. Both pieces of legislation are expected to be voted on before the August congressional recess.
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