Stablecoin bill won’t target Trump as Senate aims to pass it next week

The US Senate is poised to pass the bipartisan GENIUS Act, a key stablecoin bill, potentially as early as next week. This follows the removal of provisions targeting President Donald Trump’s crypto ventures, including memecoins, a platform, a stablecoin, and a mining company. Senators Cynthia Lummis and Kirsten Gillibrand confirmed the changes, emphasizing the bill’s focus on consumer and bankruptcy protection, and ethical considerations beyond structural requirements. Senator Gillibrand acknowledged initial concerns regarding Trump’s crypto dealings, stating that many were already illegal under existing laws. While acknowledging the inclusion of ethics requirements, she clarified the bill’s primary goal as stablecoin regulation.

Coinbase CEO Brian Armstrong, whose company previously donated to Trump’s inauguration, expressed hope for a swift Senate vote, emphasizing the bill’s focus on stablecoins rather than Trump’s activities. The crypto industry is strongly advocating for the GENIUS Act’s passage, along with a Republican-drafted crypto market structure bill, before the November 2026 midterm elections. The Blockchain Association highlights the urgency, emphasizing the limited legislative window and the potential for a future crypto-hostile administration. Their communications director stresses the importance of passage before the August congressional recess.

Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets, anticipates President Trump signing both bills before the August break, despite ongoing negotiations. This underscores the industry’s concerted effort to secure favorable crypto legislation before the political landscape shifts. The urgency stems from the historical slowdown in legislative activity during election years. The push for these bills reflects a significant industry strategy to shape the future regulatory environment for stablecoins and the broader crypto market.