US Senate Aims to Process Stablecoin Bill Next Week… "Trump-Related Expressions Removed"

Minseung Kang

Summary

The US Senate is reportedly aiming to pass the stablecoin regulation bill by removing provisions related to President Trump and targeting passage by the 26th.
The bill focuses on practical elements such as consumer protection and bankruptcy protection, and the issuance of meme coins by President Trump is pointed out as illegal.
The cryptocurrency industry argues that passing the bill before the midterm elections is necessary, stating it will be a significant change for the stablecoin market.

The US Senate is coordinating to pass the stablecoin regulation bill by removing provisions related to President Trump and aiming for passage before Memorial Day on the 26th (local time).

According to cryptocurrency media outlet CoinDesk on the 15th, Republican Senator Cynthia Lummis and Democratic Senator Kirsten Gillibrand revealed the adjusted contents of the stablecoin bill (GENIUS Act) at the 'Stand with Crypto' event hosted by Coinbase. The media reported that expressions related to meme coins, stablecoins, and mining businesses operated by President Trump and his family have been removed from the bill.

Democratic Senator Gillibrand explained, "(The bill) is not intended to address all ethical issues but focuses on practical elements such as consumer protection and bankruptcy protection." She also pointed out, "The issuance of meme coins by President Trump is 'illegal' under existing laws, and the flow of funds attempting to collude with the administration is 'the most blatant illegality.'"

Previously, on the 8th, Senate Democrats withdrew their support for the bill, raising ethical concerns. Brian Armstrong, CEO of Coinbase, who participated in the event, emphasized, "I will not comment on the president's personal activities," but added, "The bill should focus on stablecoins."

The cryptocurrency industry argues that key bills, including the GENIUS Act, must be passed before the midterm elections in 2026. Marta Belcher, head of the Blockchain Association, stated, "The possibility of future legislation will close quickly," and "Legislation must be completed before a regime hostile to cryptocurrency takes office."

Bo Hines, director of the Presidential Digital Asset Advisory Committee, also reported, "President Trump wants to sign both bills before the congressional recess in August."