The US Senate may pass a major Bipartisan Stablecoin Bill once next week after removing the language targeting President Donald Trump and his family’s dazzling crypto interests.
Republican Senator Cynthia Lummis Says The onstage at an event by Coinbase’s lobbying arm, stands with crypto, which he thinks is a “fair target” to have a guide and establishment of national innovations for the US Stablecoins Act, or the Genius Act, passed by May 26 – day of remembrance of the US.
Participating in his onstage was Democratic Senator Kirsten Gillibrand, who indicated that the language of the bill was changed to scrap provisions that target Trump’s various crypto projects, which includes Memecoins, a crypto platform, a stablecoin, and a Crypto’s Crypto Crypto Company to go to the public.
“When this language comes out, people will see good refinement, lots of development, things like consumer protection, and losses protection, and ethics,” Gillibrand said. “Things just beyond ‘What is the structure?’ and ‘what is it necessary for a giver?’ “
Senate Democrats The support was pulled For the bill on May 8 and stopped its momentum, sending concerns that it would not help meet many crypto deals tied to Trump personally.
“Many of what is engaged to President Trump is illegal,” Gillibrand said. “I also think his release of a memecoin is illegal based on current law.”
“It literally offers anyone who wants to curse in favor of the administration to just send him money -that’s about illegal it gets.”
“I do not remember about this bill to deal with all the problems with President Trump’s ethics. What really intended for this bill to do this to fix the entire space of Stablecoins,” he added.
Gillibrand said the revised bill includes “some ethical requirements,” but this is “not a bill.”
“If we talk about all the problems with President Trump’s ethics, this is a very long and detailed bill,” he added.
COO of Coinbase Brian Armstrong, also on stage, hopes the Senate will vote on the Stablecoin bill “early next week.”
Armstrong, whose company contacted Trump by providing $ 1 million in his inauguration fund, refused to comment when asked if the president’s memecoin could affect the passage of Bipartisan Crypto bills.
“It’s not my place to really comment on President Trump’s activity,” he said. “What I think is important is that this bill remains committed to stablecoins.”
Crypto bills are “fully critical” to pass before midterms
The crypto industry is pushing for Congress to pass the Genius Act and a Republican-Draft Bill of Crypto Market structure Prior to the Midterm election on November 3, 2026, where all 435 seats in the house and a third of 100 seats in the Senate were for election.
“We have a narrow window to obtain law between now and the midterms,” Marta Belcher, the President of the Crypto lobby team The Blockchain Association, said Cointelegraph at a conference conference in Toronto.
“I strongly suspect that the window will close quickly. I don’t know if we’ll get another window like this to get law,” he added.
“It’s completely critical we can get it now, especially because there is a real likelihood that in the future we end up with an administration who is angry at the crypto.”
The communication director of the organization Chris Jonas, added that it was critical that the Bills Pass before Congress took a retreat for the month of August.
Related: Crypto Execs Flock on DC to support Senate Stablecoin Bill
“When you get into the year of the midterms calendar, historically there are not many moving laws, so why is it critical,” he explained.
Trump should monitor both crypto bills before the rest in August, according to Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets.
Hines mentioned on the stage at the Consensus on May 13 that negotiations on both bills are still ongoing, but it is the “desire of the President” to sign the same “Stablecoin law and market structural law before the August backdown.”
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