Senate Removes Trump-Specific Crypto Provisions Ahead of GENIUS Stablecoin Bill Vote

Senators Cynthia Lummis and Kirsten Gillibrand say the bipartisan GENIUS Act may pass the Senate by May 26 after removing anti-Trump provisions.The revised bill focuses on consumer protections, bankruptcy safeguards, and issuer requirements, moving beyond politically charged language.Gillibrand also called Trump’s memecoin “illegal” but clarified the bill isn’t meant to address his ethics issues, stating the focus is broader regulation of the stablecoin sector.A long-delayed bipartisan stablecoin bill may finally see movement next week—now that language targeting Donald Trump’s crypto ventures has been stripped out.Speaking at a Coinbase-sponsored event on Wednesday, Republican Senator Cynthia Lummis said the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) could pass the Senate by May 26, lining up a potential vote for Memorial Day.Alongside the Republican Senator was her Democratic counterpart Kirsten Gillibrand, who suggested that language specifically aimed at curbing those projects had now been removed or softened: When this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, and bankruptcy protection, and ethics. Things beyond just ‘what’s the structure?’ and ‘what’s required for an issuer?’ Kirsten Gillibrand, US Democratic Senator Related: Stablecoin Value to Overtake Current Crypto Market Cap, Citi PredictsTrump’s Projects Still in the CrosshairsTrump’s crypto ventures —including a memecoin and a stablecoin— came up again during the discussion. Gillibrand was blunt: A lot of what President Trump is engaged in is already illegal. I also think his issuance of a memecoin is illegal based on current law. Kirsten Gillibrand, US Democratic Senator She described the Trump-backed token as little more than a political bribe mechanism. “It’s literally offering anyone who wants to curry favor with the administration to just send him money — that’s about as illegal as it gets.”But she pushed back on the idea that the bill should directly confront the former president’s actions. “I’m not so worried about this bill having to deal with all President Trump’s ethics problems. What this bill is really intended to do is regulate the entire space of stablecoins,” she added.While acknowledging the bill contains “some ethics requirements”, Gillibrand stressed that the GENIUS Act is “not an ethics bill”. She added: “If we were dealing with all of President Trump’s ethics problems, it would be a very long and detailed bill”.Related: Matt Hougan: Ethereum’s 53% Surge Fuels Push for Crypto DiversificationThe post Senate Removes Trump-Specific Crypto Provisions Ahead of GENIUS Stablecoin Bill Vote appeared first on Crypto News Australia.