Senate removes Trump provisions in push to pass stablecoin bill

The bipartisan GENIUS Act, aiming to regulate stablecoins, is poised for a Senate vote as early as next week. The bill’s progress was initially stalled due to concerns about provisions targeting President Trump’s various crypto ventures, including a memecoin, a platform, a stablecoin, and a mining company. However, these provisions have reportedly been removed, leading to renewed optimism.

Senator Gillibrand confirmed the removal of the Trump-related language, emphasizing the bill’s focus on consumer protection, bankruptcy protection, and ethical considerations within the stablecoin market. While acknowledging Trump’s crypto activities raised ethical questions, she clarified that the revised bill isn’t intended to address those specifically. Coinbase CEO Brian Armstrong, whose company previously donated to Trump’s inauguration, expressed hope for a swift Senate vote, prioritizing the bill’s focus on stablecoins.

The crypto industry is urging Congress to pass both the GENIUS Act and a separate market structure bill before the 2026 midterm elections. The Blockchain Association highlights the limited legislative window before the midterms and the potential for a future anti-crypto administration. They emphasize the critical need for passage before the August congressional recess, as legislative momentum historically slows down closer to election cycles.

Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets, anticipates President Trump will sign both bills before the August break, despite ongoing negotiations. This underscores the urgency within the crypto industry to secure these legislative wins before the political landscape shifts. The situation highlights the complex interplay between political considerations, regulatory needs, and the rapid evolution of the cryptocurrency market. The successful passage of these bills would represent a significant step toward establishing a clearer regulatory framework for stablecoins in the US.