Joining her onstage was Democratic Senator Kirsten Gillibrand, who hinted that the bill’s language was changed to scrap provisions that targeted Trump's various crypto projects, which include memecoins, a crypto platform, a stablecoin, and a crypto mining company that plans to go public, among others.“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,” Gillibrand said.“Things beyond just ‘what’s the structure? ’ and ‘what’s required for an issuer? ’”Source: Brian ArmstrongSenate Democrats pulled support for the bill on May 8 and stalled its momentum, airing concerns that it wouldn’t help address multiple crypto-tied deals that will personally enrich Trump.“A lot of what President Trump is engaged in is already illegal,” Gillibrand said.“I also think his issuance of a memecoin is illegal based on current law.”“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.”“I’m not so worried about this bill having to deal with all President Trump’s ethics problems.
Coinbase CEO Brian Armstrong, also on stage, was hopeful the Senate would vote on the stablecoin bill “early next week.”Armstrong, whose company cozied up to Trump by donating $1 million to his inauguration fund, declined to comment when asked if the President’s memecoin could impact the passage of bipartisan crypto bills.“It’s not my place to really comment on President Trump’s activity,” he said.“What I do think is important is that this bill remains focused on stablecoins.”Crypto bills “absolutely critical” to pass before midtermsThe crypto industry is pushing for Congress to pass the GENIUS Act and a Republican-drafted crypto market structure bill before the midterm elections on Nov.3, 2026, where all 435 House seats and a third of the 100 Senate seats are up for election.“We have a very narrow window to get legislation through between now and the midterms,” Marta Belcher, the president of the crypto lobby group the Blockchain Association, told Cointelegraph at the Consensus conference in Toronto.“I 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,” she added.“It'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.”The Association’s communications director, Chris Jonas, added that it’s critical the bills pass before Congress takes a recess for the month of August.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Jesse Coghlan
The story "Stablecoin bill won’t target Trump as Senate aims to pass it next week" has 706 words across 15 sentences, which will take approximately 3 - 6 minutes for the average person to read.
Which news outlet covered this story?
The story "Stablecoin bill won’t target Trump as Senate aims to pass it next week" was covered 14 hours ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 30 news stories per day.
It's most recent story was published 7 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
