Stablecoin bill won’t target Trump as Senate aims to pass it next week
The US Senate may pass the bipartisan stablecoin bill, known as the GENIUS Act, as early as next week after removing provisions targeting Donald Trump’s crypto interests. Senator Cynthia Lummis expressed optimism for a vote by May 26. Senator Kirsten Gillibrand indicated that the bill's revisions enhance consumer and bankruptcy protections while not focusing solely on Trump's ethics issues. Senate Democrats had previously stalled the bill due to concerns over Trump's potential financial gains from crypto projects. The crypto industry is urging Congress to pass the GENIUS Act and another market structure bill before the midterm elections on November 3, 2026, citing a limited legislative window. The Blockchain Association emphasized the urgency of passing these bills before the August recess, with expectations that Trump will sign them if approved.
