US Senate may vote on revised GENIUS Act by Memorial Day
The US Senate may vote on the revised Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, known as the GENIUS Act, a stablecoin regulation bill, by Memorial Day. Senators Cynthia Lummis and Kirsten Gillibrand announced that bipartisan negotiations have resumed, and the bill, now without language targeting Donald Trump’s crypto activity, is back in focus.
GENIUS Act and Memorial Day deadline
The US Senate may vote on the revised GENIUS Act by Memorial Day. The bill aims to regulate stablecoins, which are crypto tokens pegged to fiat currencies like the US dollar. Republican Senator Cynthia Lummis is optimistic that the bill will pass by 26 May, just in time for Memorial Day. The bill has backing from both sides of the aisle, making it one of the rare pieces of crypto legislation that stands a real chance.
Key supporters and advocates
Senator Cynthia Lummis, a long-time crypto advocate, supports the GENIUS Act for promoting innovation while protecting consumers. Senator Kirsten Gillibrand highlighted the bill’s revisions, including the removal of language targeting Trump’s crypto dealings, as crucial for broader support. Coinbase, through its Stand with Crypto initiative, is backing the bill, with CEO Brian Armstrong emphasising the urgent need for stablecoin legislation.
Gillibrand stated, “When this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, bankruptcy protection, and ethics. Things beyond just ‘what’s the structure?’ and ‘what’s required for an issuer?’”
Controversy over Trump-linked crypto interests
The bill, sponsored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks, faced last-minute pushback from Democrats over concerns about President Donald Trump’s cryptocurrency ventures. Initially, the bill included provisions to block Trump’s crypto projects, but these have been removed to avoid political conflict.
Senator Gillibrand criticised Trump’s memecoin offering as illegal, describing it as a cash grab disguised as crypto innovation. Lawmakers decided to separate ethics issues from the stablecoin regulation to focus on the bill’s core regulatory aspects. Gillibrand noted, “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.”
What’s new in the revised bill?
The revised GENIUS Act extends US jurisdiction to foreign stablecoin issuers serving US users, broadens the definition of “digital asset service providers” to include developers and self-custody wallet operators, and establishes a Stablecoin Certification Review Committee to oversee state regulatory regimes.
The bill enhances AML compliance, mandates consumer protections and transparency, and aims to facilitate international transactions and interoperability with US dollar-denominated stablecoins. Additionally, it includes provisions to protect stablecoin holders during insolvency proceedings.
While Senator Gillibrand clarified that the revised version of the bill includes some ethics-related provisions, she stated that it is “not an ethics bill.” She further remarked that if the bill were to address all of President Trump’s ethics problems, it would be “a very long and detailed bill.” She added, “I’m not so worried about this bill having to deal with all President Trump’s ethics problems. What this bill really intends to do is regulate the entire space of stablecoins. If we were dealing with all President Trump’s ethics problems, it would be a very long and detailed bill.”
Senate pushes toward landmark stablecoin vote
As Memorial Day approaches, Senate staffers are working to finalise the revised GENIUS Act for a floor vote. If passed, this stablecoin bill could be a significant step for US crypto regulation. The focus will then shift to the House and whether bipartisan support continues. With easing political tensions and growing institutional backing, more digital asset policy initiatives are expected. With bipartisan support and momentum building, the next few weeks could change the crypto landscape for years to come.
