Senate Poised to Pass Bipartisan Stablecoin Bill by Memorial Day

The US Senate is poised to pass a significant bipartisan stablecoin bill as early as next week, following the removal of provisions that specifically targeted President Donald Trump and his family's extensive crypto interests. Republican Senator Cynthia Lummis expressed optimism about the bill's progress, stating that the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, could be passed by May 26, which is Memorial Day in the US.

Democratic Senator Kirsten Gillibrand, who joined Lummis onstage, indicated that the bill's language had been revised to eliminate sections that addressed Trump's various crypto projects. These projects include memecoins, a crypto platform, a stablecoin, and a crypto mining company with plans to go public. Gillibrand highlighted that the revised bill focuses on consumer protection, bankruptcy protection, and ethics, rather than just the structure and requirements for issuers.

Senate Democrats had previously withdrawn their support for the bill on May 8, citing concerns that it did not adequately address multiple crypto-related deals that could personally benefit Trump. Gillibrand stated that many of Trump's crypto activities are already illegal under current law, including the issuance of a memecoin, which she described as offering anyone the opportunity to curry favor with the administration by sending money.

Gillibrand emphasized that the bill's primary goal is to regulate the entire stablecoin space, rather than addressing Trump's ethics issues. She noted that the revised bill includes some ethics requirements but is not an ethics bill. If the bill were to address all of Trump's ethics problems, it would be much longer and more detailed.

Coinbase CEO Brian Armstrong, who was also present, expressed hope that the Senate would vote on the stablecoin bill early next week. Armstrong, whose company donated $1 million to Trump's inauguration fund, declined to comment on the potential impact of Trump's memecoin on the passage of bipartisan crypto bills. He stated that the bill should remain focused on stablecoins.

The crypto industry is advocating for Congress to pass the GENIUS Act and a Republican-drafted crypto market structure bill before the midterm elections on Nov. 3, 2026. Marta Belcher, the president of the crypto lobby group the Blockchain Association, highlighted the narrow window for legislation before the midterms and the importance of passing the bills before Congress takes a recess in August.

Chris Jonas, the Association’s communications director, echoed Belcher's sentiments, emphasizing the historical trend of limited legislative movement during the calendar year of midterm elections. Bo Hines, the executive director of the Presidential Council of Advisers for Digital Assets, noted that negotiations on both bills are ongoing, but the President's desire is to sign both the stablecoin legislation and market structure legislation before the August recess.