The U.S. Senate is gearing up to pass a landmark stablecoin bill — and it could happen as early as next week. The catch? Lawmakers have cut controversial language that targeted former President Donald Trump’s crypto ventures in a bid to build bipartisan support.
Republican Senator Cynthia Lummis revealed at Coinbase’s Stand With Crypto event that she’s aiming to get the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) across the finish line by May 26, just in time for Memorial Day.
Democratic Senator Kirsten Gillibrand, who joined Lummis on stage, confirmed that the bill has been revised to drop provisions focused on Trump’s sprawling crypto ecosystem — which includes memecoins, a mining company planning to go public, and a stablecoin project.
“When the final language is released, people will see real progress on key protections — like consumer safeguards, bankruptcy clarity, and ethics measures,” Gillibrand said. “It’s no longer just about the technical structure or issuer requirements.”
Earlier, Senate Democrats had pulled support for the bill, arguing it would indirectly greenlight questionable crypto dealings tied to Trump. Gillibrand didn’t hold back, saying, “A lot of what President Trump is doing is already illegal. Issuing a memecoin as a public figure? That’s crossing a legal line.”
Still, she emphasized that the bill's purpose isn’t to police Trump’s ethics. “If we tried to address all of that, we’d be writing a much bigger, much messier bill.”
Coinbase CEO Brian Armstrong, who was also onstage, kept his focus on policy. When asked whether Trump’s memecoin could derail progress, he deflected: “It’s not my place to comment on the President’s actions. What matters is keeping the bill focused on stablecoins.”
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Crypto Legislation on the Clock
With the 2026 midterm elections looming, the crypto industry is scrambling to push through key legislation — not just the GENIUS Act, but also a broader Republican-led crypto market structure bill.
“We’re in a narrow window,” said Marta Belcher, president of the Blockchain Association, speaking at the Consensus conference in Toronto. “If we don’t get it done before the midterms, we might not get another shot.”
The association’s communications director, Chris Jonas, warned that Congress’s August recess is another major deadline. “Once midterm season kicks off, legislative momentum dies down fast. Timing is everything.”
According to Bo Hines, Executive Director of the Presidential Council of Advisers for Digital Assets, both bills are still being negotiated — but President Trump is expected to sign them before the summer break. “That’s the goal,” Hines said onstage at Consensus. “Get stablecoin and market structure legislation signed before August.”