The cryptocurrency-friendly stablecoin law called “GENIUS Act”, which has been expected to be approved in the USA for a long time, was rejected by the US Senate in the first week of May.
While the Senate’s decision to halt the advancement of the GENIUS Act has been heavily criticized by high-profile figures and the cryptocurrency industry, the US Senate may hold a new vote on the stablecoin bill in the near future.
Democratic Senator Kirsten Gillibrand said the stablecoin bill would remove provisions targeting Trump’s family’s involvement in the cryptocurrency industry and that the Senate aims to pass the revised version by May 26.
Speaking at the Stand With Crypto event, Gillibrand said that language in the GENIUS law referencing Trump-linked ventures, including memecoins, cryptocurrency platforms, stablecoins, and mining companies, has been removed.
“When the revised version of the law comes out, people will see a lot of progress, a lot of really good improvement on things like consumer protection, bankruptcy protection and ethics.”
Republican Senator Cynthia Lummis, a Bitcoin supporter, said she thinks passing the GENIUS Act on May 26, which is Memorial Day in the United States, is a “fair goal.”
Most of What Trump Does Is Illegal!
Gillibrand claimed that what US President Donald Trump did was illegal:
“Most of what President Trump is doing is already illegal, and I also think it is illegal for him to issue memecoins under current law.
Launching a memecoin means offering to send money to anyone who wants to get close to the administration. This is the most illegal thing possible.
“This bill does not deal with President Trump's ethical issues. The real purpose of this bill is to regulate the entire stablecoin space.”
*This is not investment advice.
