The U.S. Stablecoin Bill May Be Passed on May 26, Provisions Targeting the Trump Family Have Been Removed

The U.S. Senate plans to pass the "National Innovation Stablecoin Guidance and Establishment Act" (GENIUS Act) as early as May 26. This bill aims to establish a federal regulatory framework for stablecoins. Previously, Democrats had blocked its advancement on May 8 due to concerns that the bill might allow former President Trump and his family to benefit from cryptocurrency projects. To reach a consensus, the provisions targeting the Trump family have been removed from the bill.

Background and Controversy

• Purpose of the Bill: The GENIUS Act aims to establish a federal regulatory framework for stablecoins, ensuring their safety and stability while promoting innovation.

• Democratic Concerns: Democrats were concerned that the bill might enable Trump and his family to profit from cryptocurrency projects, particularly projects like meme coins that the Trump family might launch.