The U.S. Senate could vote on a long-awaited stablecoin regulation bill, known as the GENIUS Act, by Memorial Day (May 26), following the recent argument over President Trump’s connections to crypto suggesting that parts of the original bill targeted Trump’s crypto business ties, which sparked arguments and slowed progress.
Senator Cynthia Lummis, a key supporter of the bill, is very optimistic about the bill moving forward, stating that aiming for a vote by May 26 is a “fair target.”
She made this prediction during a panel discussion alongside Senator Kirsten Gillibrand and Coinbase CEO Brian Armstrong at a Stand With Crypto event.
Efforts to move the bill forward had recently stalled due to the heated debate over the Trump family’s crypto activities. Some lawmakers wanted the bill to include measures addressing Trump’s financial ties to memecoins and stablecoins.
However, this political fight slowed progress on what many see as urgently needed rules for the crypto space. Now, with the Trump-related language removed, lawmakers are optimistic about advancing the bill. “When this language comes out, people will see really good refinements,” said Sen. Gillibrand, noting the improvements in consumer protections, bankruptcy rules, and ethics measures. However, she stressed that the GENIUS Act is not meant to address Trump’s personal ethics issues.
“What this bill is really intended to do is to regulate the entire space of stablecoins,” Gillibrand said. “It’s not an ethics bill per se, and if we were dealing with all of President Trump’s ethics problems, it would be a very long and detailed bill.”
Stablecoins are digital tokens tied to the value of traditional money, like the U.S. dollar. Because they are often used for payments and trading, many experts believe they need clear regulations to protect users and keep the market safe.
After months of delays, there is now fresh hope that this bill can move forward. Both parties agree that stablecoins need proper oversight, and with the Trump- related disputes set aside, the path to a Senate vote looks smoother. If the bill passes, it would be a major step toward bringing order and safety to the crypto space in the U.S.
