PANews reported on May 15 that according to Cointelegraph, the U.S. Senate may pass the bipartisan stablecoin bill, the GENIUS Act, as early as next week after deleting statements about President Trump and his family's interests in cryptocurrencies. Republican Senator Cynthia Lummis believes that passing it before May 26 is a "reasonable goal." Democratic Senator Kirsten Gillibrand said that the wording of the bill has been revised to delete clauses targeting Trump's cryptocurrency projects, such as Meme coins. She emphasized that the revised bill has improvements in consumer protection and other aspects, and does not focus on Trump's moral issues, but aims to regulate the field of stablecoins.
Previously, Senate Democrats withdrew their support on May 8 due to concerns that the bill would not address Trump's profitable cryptocurrency transactions. Coinbase CEO Brian Armstrong hopes the Senate will vote early next week, but declined to comment on the impact of Trump's Meme coin on the bill. The cryptocurrency industry is pushing Congress to pass the bill and another market structure bill before the midterm elections on November 3, 2026. Industry insiders say the time window for passing legislation before the midterm elections is narrow, and Trump is expected to sign the two bills before the August recess.
