The U.S. Senate could soon vote on the revised version of a key stablecoin bill, dubbed the GENIUS Act, according to Republican Sen. Cynthia Lummis. The bill’s latest version may proceed without language targeting President Donald Trump’s family’s crypto involvement.
During a panel discussion on Wednesday, Lummis said that a vote by Memorial Day (May 26) would be a “fair target.” She spoke on stage alongside Democrat Sen. Kirsten Gillibrand and Coinbase CEO Brian Armstrong at an event hosted by Stand With Crypto.
An effort to move the legislation forward last week collapsed after lawmakers voted to halt progress on the GENIUS Act amid escalating tensions over the Trump family’s crypto profits.
Semafor reported, citing sources familiar with the matter, that key senators had finalized the bill’s text. The latest version would not include provisions targeting Trump’s crypto involvement.
“I’m very optimistic we’ll have a vote soon enough,” Sen. Gillibrand said on stage. “When this language comes out, people will see really good refinements — a lot of progress on things like consumer protection, bankruptcy protection, and ethics.”
Gillibrand also said that much of Trump’s crypto engagement is “already illegal,” adding that she’s not concerned about the bill “having to deal with all of President Trump’s ethics problems.”
“What this bill is really intended to do is to regulate the entire space of stablecoins,” Gillibrand said. “It’s not an ethics bill per se, and if we were dealing with all of President Trump’s ethics problems, it would be a very long and detailed bill.”
Trump’s ties to memecoin and stablecoin have added friction to bipartisan negotiations over crypto legislation. Two Prime CEO Alexander Blume previously told The Block that Trump’s involvement with just about anything “will result in efforts to stop it from his opposition.”
“That being said, crypto is unique in that Trump obviously has a direct financial interest in crypto,” Blume said. “This is historically why presidents are meant to divest from control over investments prior to taking office, something Trump has refused to do.”
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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