In a significant development for U.S. crypto legislation, lawmakers in the Senate are on track to vote on a long-anticipated bipartisan stablecoin bill after removing politically charged provisions tied to former President Donald Trump’s growing involvement in the digital asset space.
Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) appeared onstage together at a recent Stand With Crypto event—Coinbase’s policy-focused initiative—to express renewed optimism that the Guiding and Establishing National Innovation for US Stablecoins Act, better known as the GENIUS Act, could be passed by May 26, just ahead of the Memorial Day recess.
According to Lummis, bipartisan consensus has returned following a brief legislative standoff. “It’s a fair target to aim for passage by Memorial Day,” she said, pointing to the urgency of building regulatory clarity in the fast-moving stablecoin sector.
The bill initially hit a wall earlier this month when Senate Democrats voiced opposition over sections they felt indirectly legitimized or failed to address Trump’s expanding crypto ventures. Trump’s recent embrace of digital assets includes memecoin projects, a stablecoin proposal, a mining company with IPO ambitions, and a platform of his own—raising red flags among ethics-minded lawmakers.
Senator Gillibrand explained that the bill had since undergone revisions to strip out any provisions that could be seen as enabling Trump or protecting his crypto operations. While the former president’s crypto dealings remain controversial, Gillibrand emphasized that the bill’s real mission is much broader.
“This is not about one man’s ethical challenges,” Gillibrand said. “If we were writing legislation to handle all of Trump’s ethical issues, we’d be drafting for months. What we’ve done instead is focus on consumer protection, bankruptcy guidance, and sound structures for stablecoin issuers.”
Though some ethics-related language remains, Gillibrand clarified that the bill is not intended to serve as an enforcement tool against specific actors. However, she did make her views on Trump’s crypto activities clear. “Issuing a memecoin to collect money from political supporters—framed as investment or support—is, in my opinion, already illegal under existing laws,” she said.
Coinbase CEO Brian Armstrong, who joined the senators on stage, kept his remarks focused on the bill’s merits rather than political dynamics. Despite Coinbase’s past financial support for Trump’s inauguration, Armstrong sidestepped direct commentary on the former president’s crypto ventures. “My priority is ensuring this bill stays centered on stablecoins,” he said.
With the bill back on track, the broader crypto industry is ramping up pressure on lawmakers to pass both the GENIUS Act and the Republican-led market structure bill before the critical 2026 midterm elections. Industry advocates believe this legislative window may be the best—and possibly last—chance for meaningful regulation before the political climate shifts again.
Marta Belcher, president of the Blockchain Association, warned that momentum could be lost if Congress delays. “We’re in a rare moment where bipartisan cooperation is possible,” she said during the Consensus 2024 conference in Toronto. “If we miss this, we may not get another opportunity like it for years.”
Her colleague Chris Jonas echoed the urgency. “Once Congress hits its August recess, and certainly as we enter the next election year, it becomes nearly impossible to move significant bills forward.”
Meanwhile, Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets, said that President Trump—assuming his reelection—intends to sign both crypto bills before the summer break. Negotiations are still ongoing, but Hines confirmed that “it’s the President’s desire to get both stablecoin and market structure legislation finalized before August.”
The coming weeks could be pivotal not just for stablecoin regulation but for the future direction of crypto policy in the United States. Whether the legislative push succeeds may determine whether the U.S. embraces a clear regulatory path—or remains stuck in uncertainty.
