US Senate could vote on stablecoin bill by May 26

• Senate may vote on stablecoin bill
• Stablecoins on the agenda with bipartisan support in the US
• GENIUS Act focuses on regulating stablecoins

The United States Senate may vote on a revised version of the GENIUS Act, a legislative proposal aimed at regulating stablecoins, as early as May. Senator Cynthia Lummis shared the expectation during an event organized by the Stand With Crypto initiative. According to Lummis, a vote by Memorial Day, celebrated on May 26, is considered a “fair goal.”

Alongside Democratic Senator Kirsten Gillibrand and Coinbase CEO Brian Armstrong, Lummis indicated that the new version of the bill gained traction after amendments that removed clauses related to former President Donald Trump and his involvement with cryptocurrencies.

The previous attempt to advance the GENIUS Act met with resistance from lawmakers, especially after increased scrutiny over the Trump family’s crypto profits. According to nearby sources to Congress, the senators involved completed the drafting of the text, removing points that could politicize the debate.

During your speak at the event , Gillibrand stressed: “I am very optimistic that we will have a vote soon.” The senator highlighted that the new version presents important advances in areas such as consumer protection, ethics and bankruptcy safeguards.

Gillibrand also downplayed the importance of directly addressing the Trump-related cases. She said some of the practices already fall under existing illegalities, making it unnecessary to burden the bill with complex ethical issues.

“The real purpose of this bill is to establish clear rules for the stablecoin market,” he said. “If the goal was to cover all of President Trump’s ethical concerns, we would need a separate, much more extensive bill.”

The discussion about the role of public figures in cryptocurrency projects has reignited the debate over conflicts of interest. Two Prime CEO Alexander Blume noted that Trump’s financial involvement in cryptocurrencies tends to generate intense reactions, and noted that presidents traditionally give up control of assets before taking office — something Trump has refused to do.