US Senate Expected to Pass GENIUS Act for Stablecoins by May 26
Senator Cynthia Lummis stated at the Stand By Crypto event that she expects the GENIUS Act for US-based stablecoins to be passed by Memorial Day, May 26. She described this timeline as a “fair target.”
Democratic Senator Kirsten Gillibrand announced changes to the bipartisan stablecoin bill, removing provisions targeting projects associated with President Donald Trump. Key points from Gillibrand’s address include:
- The bill aims to enhance consumer and bankruptcy protection.
- It will not focus solely on issuer requirements.
Importance of the GENIUS Act
The stablecoin bill faced delays last week after Senate Democrats withdrew support, raising concerns about potential benefits for Trump-related projects and other crypto initiatives.
Gillibrand noted her belief that the TRUMP memecoin is illegal under current law but emphasized that the bill's purpose is to regulate stablecoins, not to address Trump's ethics issues. She mentioned that while some ethics requirements are included, it is primarily a regulatory framework.
Coinbase CEO Brian Armstrong expressed optimism for a Senate vote on the stablecoin bill “early next week.” He refrained from commenting on how Trump's memecoin might affect bipartisan legislation, emphasizing the importance of focusing on stablecoins.
The crypto industry is pushing for the passage of the GENIUS Act and a Republican-led crypto market structure bill before the midterm elections on November 3, 2026.