💰 GREEN LIGHT FOR STABLECOINS? U.S. Senate could vote next week after removing anti-Trump clauses.
The U.S. Senate could approve a key bipartisan bill on stablecoins next week 🗓️, after removing language directed at Donald Trump and his crypto interests. Republican Senator Cynthia Lummis believes the GENIUS Act could pass before May 26 (Memorial Day). Democratic Senator Kirsten Gillibrand hinted that the bill was modified to remove provisions regarding Trump's crypto projects (memecoins, platform, stablecoin, mining). The aim now is to focus on consumer protection, bankruptcy, and ethics, beyond the structure and requirements of stablecoin issuers.
Democrats had previously withdrawn their support due to ethical concerns linked to Trump. Gillibrand clarified that, although the revised bill includes some ethical requirements, it is not an "ethics bill" focused on Trump's issues.
Coinbase CEO Brian Armstrong expressed optimism about a vote "early next week," although he avoided commenting on the impact of Trump's memecoin.
The crypto industry is pushing for the GENIUS Act and a crypto market structure bill to be passed before the 2026 midterm elections. Marta Belcher from the Blockchain Association warns that the window for passing legislation is narrow and could close soon, especially in light of a potentially hostile administration towards cryptocurrencies in the future. Chris Jonas added that it is crucial to pass the bills before Congress's August recess. Bo Hines from the Presidential Advisory Council on Digital Assets believes Trump wants to sign both bills before August.
Do you think the Senate will finally approve the GENIUS Act next week? 🤔
