On May 15, PANews reported, according to Cointelegraph, that the U.S. Senate may pass a bipartisan stablecoin bill—the (GENIUS Act) (U.S. Stablecoin National Innovation and Establishment Act)—as early as next week after removing references to President Trump and his family's cryptocurrency interests. Republican Senator Cynthia Lummis believes passing it before May 26 is a 'reasonable goal.' Democratic Senator Kirsten Gillibrand stated that the wording of the bill has been modified, removing clauses related to Trump's cryptocurrency projects, such as Meme coins. She emphasized that the revised bill has improvements in consumer protection and is not focused on Trump's ethical issues but aims to regulate the stablecoin sector.
Previously, Senate Democrats withdrew their support on May 8 out of concern that the bill would not address the cryptocurrency transactions benefiting Trump. Coinbase CEO Brian Armstrong hopes the Senate will vote early next week but declined to comment on the impact of Trump's Meme coins on the bill. The cryptocurrency industry is pushing Congress to pass this bill and another market structure bill before the midterm elections on November 3, 2026, with industry insiders claiming that the time window for passing legislation before the midterms is narrow, and Trump is expected to sign both bills before the August recess.
