US lawmakers may soon vote on the GENIUS Act, a stablecoin regulation bill, after removing parts that focused on President Donald Trump and his involvement in cryptocurrency.
The bipartisan proposal had stalled on May 8 when Senate Democrats raised concerns about language that seemed aimed at President Trump’s personal crypto interests. These included digital tokens, a trading platform, a stablecoin project, and a mining company.
At Stand With Crypto, an event hosted by Coinbase’s
$2.12B
policy group on May 15, Senator Cynthia Lummis said she hopes the Senate can pass the bill by May 26, which falls on Memorial Day.
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She was joined by Senator Kirsten Gillibrand, who confirmed that the revised version no longer targets President Trump’s crypto-related business activity. According to her, the updated text now focuses more on topics like how to protect users and what happens if a stablecoin project goes bankrupt.
Gillibrand said the bill was not written to address every ethical concern linked to President Trump, though it includes some basic standards. She added that much of the president’s crypto activity already breaks existing laws. Gillibrand specifically called out the sale of a memecoin, which looked like an attempt to raise money in exchange for influence.
Coinbase CEO Brian Armstrong, who also spoke at the event, avoided giving an opinion on President Trump’s meme coin. Although his company donated to President Trump’s inauguration, Armstrong said the important thing is that the legislation stays focused on setting clear standards for stablecoins.
Meanwhile, Democratic members of Congress recently asked the US Treasury for records related to crypto projects linked to President Trump. What did they say? Read the full story.
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