US Senate could pass a key bipartisan stablecoin bill next week after removing language targeting President Trump

Republican Senator Cynthia Lummis said onstage at an event by Coinbase's lobbying arm, Stand With Crypto, that she thinks it's a “fair target” to have the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed by May 26 — Memorial Day in the US.

The US Senate could pass a key bipartisan stablecoin bill as early as next week after removing language that targeted President Donald Trump and his family's sprawling crypto interests, a Republican senator said on Thursday.

Cynthia Lummis, a Republican senator from Wyoming, said at an event by Coinbase's lobbying arm, Stand With Crypto, that she hopes to see the bipartisan legislation pass by May 26, which is Memorial Day in the US.

Joining her on stage was Democratic Senator Kirsten Gillibrand, who hinted at changes made to the stablecoin bill, including the removal of provisions that aimed to hit Trump's various crypto projects, such as his meme coin, crypto platform, stablecoin and crypto mining company that plans to go public, among others.

"When this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, and bankruptcy protection, and ethics - things beyond just 'what's the structure?' and 'what's required for an issuer?'" Gillibrand said.

Senate Democrats pulled support for the bill last week and stalled its momentum, expressing concerns that it wouldn't help in addressing multiple crypto-tied deals that will personally enrich Trump.

"A lot of what President Trump is engaged in is already illegal," Gillibrand said. "I also think his issuance of a meme coin is illegal based on current law."

"I'm not so worried about this bill having to deal with all President Trump's ethics problems. What this bill is really intended to do is regulate the entire space of stablecoins."

Gillibrand said the revised bill includes "some ethics requirements," but it was "not an ethics bill."

"If we were dealing with all President Trump's ethics problems, it would be a very long and detailed bill," she added.

Coinbase CEO Brian Armstrong, also on stage, expressed hope that the Senate would vote on the stablecoin bill as early as next week.

When asked if the President's meme coin could impact the passage of bipartisan crypto bills, Armstrong, whose company donated $1 million to Trump's inauguration fund, said: "It's not really my place to comment on President Trump's activity. What I do think is important is that this bill remains focused on stablecoins."

Crypto bills 'absolutely critical' to pass before midterms

The crypto industry is pushing for Congress to pass the GENIUS Act and a Republican-drafted crypto market structure bill before the midterm elections, where all 435 House seats and a third of the 100 Senate seats are up for election.

"We have a very narrow window to get legislation through between now and the midterms," said Marta Belcher, the president of the crypto lobby group the Blockchain Association, at the Consensus conference in Toronto last week.

"I strongly suspect that window is going to close very quickly. I don't know if we're going to get another window like this to get legislation through," she added.

"It's absolutely critical that we get it through now, especially because there really is a real possibility that in the future we end up with an administration that is hostile to crypto."

The Association's communications director, Chris Jonas, added that it's crucial the bills pass before Congress takes a recess for the month of August.

"Once you get into the calendar year of the midterms, historically not a lot of legislation moves, so that's why it's so critical," he explained.

Trump should be on track to sign both crypto bills before the August break, according to Bo Hines, the executive director of the Presidential Council of Advisers for Digital Assets.

Hines noted on stage at Consensus on May 13 that negotiations on both bills are still underway, but it was "the President's desire" to sign both "stablecoin legislation and market structure legislation before the August recess."