Key Notes
- Gillibrand highlighted significant refinements in the bipartisan stablecoin bill, focusing on consumer protection, bankruptcy protocols, and issuer requirements.
- The stablecoin bill faced setbacks when Senate Democrats withdrew support, citing concerns over Trump-affiliated crypto projects.
- The crypto industry is pushing for the GENIUS Act and a Republican-led market structure bill to pass before the midterm elections in 2026.
While speaking at an event by Stand By Crypto, crypto-friendly Republican Senator Cynthia Lummis stated that she expects the GENIUS Act for US-based stablecoins to be passed on Memorial Day, May 26. It’s a “fair target” to have, said Lummis.
Democratic Senator Kirsten Gillibrand also joined Senator Lummis on stage, stating that the language for the key bipartisan stablecoin bill has been changed to scrap different provisions that target the crypto projects from President Donald Trump . This includes the TRUMP meme coin, crypto platforms like World Liberty Finance, an upcoming mining firm, etc. During his address at the Stand With Crypto event yesterday, Gillibrand said:
“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?’”
Why Is GENIUS Act Important for America’s Stablecoin Industry?
Last week on May 8, Senate Democrats withdrew support, stalling the stablecoin bill and GENIUS ACT from proceeding, raising concerns of Trump projects benefiting from it, and that it would give a lot of other crypto projects a free passage.
Gillibrand also stated that she believes that the issuance of TRUMP memecoin is illegal based on the current law. But she added:
“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 clarified that the revised bill incorporates “some ethics requirements” but emphasized that it is “not an ethics bill.” Coinbase CEO Brian Armstrong expressed optimism that the Senate could vote on the stablecoin bill “early next week” during his appearance on stage.
When questioned about whether the President’s memecoin might influence the passage of bipartisan crypto legislation, Armstrong chose not to comment. He stated:
“It’s not my place to really comment on President Trump’s activity. What I do think is important is that this bill remains focused on stablecoins.”
The crypto industry is advocating for Congress to pass the GENIUS Act and a Republican-led crypto market structure bill ahead of the midterm elections on November 3, 2026, which will determine all 435 House seats and one-third of the 100 Senate seats.
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