Stablecoin Regulation Gains Urgency as Senate Eyes Memorial Day Vote

The U.S. Senate could pass a key bipartisan stablecoin bill, the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), as early as next week.

The U.S. Senate could pass a key bipartisan stablecoin bill as early as next week, after scrapping provisions that were linked to former President Donald Trump and drew criticism.

The Senate will vote on the Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act, possibly by Monday, May 26—Memorial Day in the U.S.—according to Republican Senator Cynthia Lummis, who helped spearhead the bill.

“I think that’s a fair target date to aim for,” Lummis said at a Consensus 2025 side event on Friday.

The bill’s trajectory improved after Democrats pulled support last week over sections that could personally benefit Trump, including a memecoin, a stablecoin platform, and a crypto mining firm with plans to go public.

“When this language comes out, people will see really good refinement,” said Senator Kirsten Gillibrand, who appeared alongside Lummis at the event, referring to the Trump-linked provisions. “A lot of progress on things like consumer protection, bankruptcy protection, and ethics.”

The changes come as Coinbase CEO Brian Armstrong called for swift action on stablecoin rules. The Coinbase chief urged Congress to quickly pass the bill and not let political distractions derail a bill intended to regulate the growing U.S. stablecoin sector.

“What I do think is important is that this bill remains focused on stablecoins,” Armstrong said during the event, which was hosted by Coinbase’s advocacy arm, Stand With Crypto.

Asked whether Trump’s memecoin or other crypto activities might impact the bill’s viability, Armstrong declined to comment directly.

“It’s not really my place to comment on President Trump’s activity,” he added.

Coinbase donated $1 million to Trump’s 2017 inauguration fund. But asked whether the company would back any Trump-aligned crypto initiatives ahead of the 2026 midterms, Armstrong declined to comment.

Earlier this month, Senate Democrats pulled support for the GENIUS Act, arguing that it included provisions that could benefit Trump personally. At Friday’s event, Gillibrand doubled down on this point, saying, “a lot of what President Trump is engaged in is already illegal.”

Gillibrand added that the memecoin issued by Trump’s circle “is literally offering anyone who wants to curry favor with the administration to just send him money—that’s about as illegal as it gets.”

The bill’s passage is being viewed as critical ahead of the midterms, with Marta Belcher, president of the Blockchain Association, warning that the legislative window is closing quickly.

Speaking at the Consensus conference in Toronto on Friday, Belcher said the crypto industry may not get another chance to push stablecoin regulation before the midterms.

“I strongly suspect that window is going to close very quickly,” Belcher said. “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 bipartisan stablecoin bill is part of a broader package of legislation that Congress is aiming to pass before August, including a Republican-led crypto market structure bill. Both bills would need to be passed before Congress recesses in August for the legislation to be completed this year.

Chris Jonas, communications director at the Blockchain Association, added that once the legislative calendar enters the midterm year, “historically not a lot of legislation moves.”

The administration is also planning to sign both the stablecoin and market structure bills before the August break, according to Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets.

Speaking at the same Consensus event on Friday, Hines said that, despite ongoing negotiations, “it’s the President’s desire” to finalize both packages in time.

Hines did not comment on the ethics concerns that have been raised about Trump’s crypto businesses, but added that the administration supports regulatory clarity.

“We’re really focused on trying to get legislation passed in this session of Congress, and we’re working very closely with members of Congress to try to make that happen,” he said.

Gillibrand, meanwhile, attempted to separate the ethics debate from the bill’s core aim.

“It’s not an ethics bill,” Gillibrand said. “If we were dealing with all President Trump’s ethics problems, it would be a very long and detailed bill.”

Despite the political friction, bipartisan lawmakers and industry leaders now appear aligned on the urgency to regulate U.S. dollar-backed stablecoins. And with the midterms approaching, the crypto industry is racing against time—and political distractions—to secure foundational legislation.