{"id":1536243,"date":"2025-05-15T16:05:00","date_gmt":"2025-05-15T20:05:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1536243"},"modified":"2025-05-15T16:05:00","modified_gmt":"2025-05-15T20:05:00","slug":"democratic-senators-remove-trump-targeting-provisions-in-push-to-pass-stablecoin-bill","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/democratic-senators-remove-trump-targeting-provisions-in-push-to-pass-stablecoin-bill\/1536243\/","title":{"rendered":"Democratic Senators Remove Trump-Targeting Provisions In Push To Pass Stablecoin Bill"},"content":{"rendered":"

Democratic Senators Remove Trump-Targeting Provisions In Push To Pass Stablecoin Bill<\/span><\/p>\n

\n

The US Senate could pass a key bipartisan stablecoin bill as soon as next week after removing language targeting President Donald Trump and his family\u2019s sprawling crypto interests.<\/strong><\/p>\n

<\/a><\/p>\n

As Jesse Coghlan reports below for CoinTelegraph, <\/a>Republican Senator Cynthia Lummis\u00a0said<\/a>\u00a0onstage at an event by Coinbase\u2019s lobbying arm, Stand With Crypto, that she thinks it’s a \u201cfair target\u201d to have the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed by May 26<\/strong> \u2014 Memorial Day in the US.<\/p>\n

Joining her onstage was Democratic Senator Kirsten Gillibrand, who hinted that the bill\u2019s language was changed to scrap provisions that targeted Trump\u2019s various crypto projects, which include memecoins, a crypto platform, a stablecoin and a crypto mining company that plans to go public, among others.<\/p>\n

\u201cWhen this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, and bankruptcy protection, and ethics,\u201d <\/strong><\/em>Gillibrand said.<\/p>\n

\u201cThings beyond just \u2018what\u2019s the structure?\u2019 and \u2018what\u2019s required for an issuer?\u2019\u201d<\/strong><\/em><\/p>\n

Senate Democrats\u00a0pulled support<\/a>\u00a0for the bill on May 8 and stalled its momentum, airing concerns that it wouldn\u2019t help address multiple crypto-tied deals that will personally enrich Trump.<\/p>\n

\u201cA lot of what President Trump is engaged in is already illegal,\u201d Gillibrand said.\u00a0<\/strong><\/p>\n

\u201cI also think his issuance of a memecoin is illegal based on current law.\u201d<\/p>\n

\u201cIt\u2019s literally offering anyone who wants to curry favor with the administration to just send him money \u2014 that\u2019s about as illegal as it gets.\u201d<\/p>\n

\u201cI\u2019m not so worried about this bill having to deal with all President Trump\u2019s ethics problems. What this bill is really intended to do is regulate the entire space of stablecoins,<\/strong>\u201d she added.<\/p>\n

<\/a><\/p>\n

Source:\u00a0<\/em>Brian Armstrong<\/em><\/a><\/p>\n

Gillibrand said the revised bill includes \u201csome ethics requirements,\u201d but it was \u201cnot an ethics bill.\u201d<\/p>\n

\u201cIf we were dealing with all President Trump\u2019s ethics problems, it would be a very long and detailed bill,\u201d<\/strong><\/em> she added.<\/p>\n

Coinbase CEO Brian Armstrong, also on stage, was hopeful the Senate would vote on the stablecoin bill \u201cearly next week.\u201d<\/p>\n

Armstrong, whose company cozied up to Trump by donating $1 million to his inauguration fund, declined to comment when asked if the President\u2019s memecoin could impact the passage of bipartisan crypto bills.<\/p>\n

\u201cIt\u2019s not my place to really comment on President Trump\u2019s activity,\u201d <\/strong><\/em>he said.\u00a0<\/p>\n

\u201cWhat I do think is important is that this bill remains focused on stablecoins.\u201d<\/strong><\/em><\/p>\n

Crypto bills \u201cabsolutely critical\u201d to pass before midterms<\/h2>\n

The crypto industry is pushing for Congress to pass the GENIUS Act and a Republican-drafted\u00a0crypto market structure bill<\/a>\u00a0before the midterm elections on Nov. 3, 2026, where all 435 House seats and a third of the 100 Senate seats are up for election.<\/p>\n

\u201cWe have a very narrow window to get legislation through between now and the midterms,\u201d Marta Belcher, the president of the crypto lobby group the Blockchain Association, told Cointelegraph at the Consensus conference in Toronto.<\/p>\n

\u201cI strongly suspect that window is going to close very quickly. I don’t know if we’re going to get another window like this to get legislation through,\u201d<\/strong> she added.<\/em><\/p>\n

\u201cIt’s absolutely critical that we get it through now, especially because there really is a real possibility that in the future we end up with an administration that is hostile to crypto.\u201d<\/strong><\/em><\/p>\n

The association\u2019s communications director, Chris Jonas, added that it\u2019s critical the bills pass before Congress takes a recess for the month of August.<\/p>\n

\u201cOnce you get into the calendar year of the midterms, historically not a lot of legislation moves, so that’s why it\u2019s so critical,\u201d <\/strong><\/em>he explained.<\/p>\n

Trump should be on track to sign both crypto bills before the August break, according to Bo Hines, the executive director of the Presidential Council of Advisers for Digital Assets.<\/p>\n

Hines noted on stage at Consensus on May 13 that negotiations on both bills are still ongoing, but it was \u201cthe President’s desire\u201d to sign both \u201cstablecoin legislation and market structure legislation before the August recess.”<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 05\/15\/2025 – 12:05<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/crypto\/democratic-senators-remove-trump-targeting-provisions-push-pass-stablecoin-bill<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Democratic Senators Remove Trump-Targeting Provisions In Push To Pass Stablecoin Bill The US Senate could pass a key bipartisan stablecoin bill as soon as next…<\/p>\n","protected":false},"author":0,"featured_media":1536244,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1536243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6rE7","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2025\/05\/0195d2ea-5631-768f-8efe-e4867df4-V3zS05.jpg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1536243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1536243"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1536243\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1536244"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1536243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1536243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1536243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}