The cryptocurrency industry was left disappointed when the US Senate rejected the much-anticipated stablecoin law known as the “GENIUS Act” in early May. However, there is still hope as the Senate may reconsider the bill and hold a new vote in the near future.
Democratic Senator Kirsten Gillibrand has revealed that the revised version of the stablecoin bill will no longer target Trump’s family’s involvement in the cryptocurrency sector. The updated bill is set to be presented to the Senate for approval by May 26, with a focus on enhancing consumer protection, bankruptcy protection, and ethics within the stablecoin space.
At a recent Stand With Crypto event, Gillibrand emphasized the importance of removing references to Trump-linked ventures such as memecoins, cryptocurrency platforms, stablecoins, and mining companies from the legislation. She expressed confidence that the revised bill will bring about significant improvements and progress in regulating stablecoins.
Republican Senator Cynthia Lummis, a vocal advocate for Bitcoin, believes that passing the GENIUS Act on Memorial Day, May 26, is a reasonable target. Both senators are committed to advancing the bill and addressing key issues in the cryptocurrency industry.
Gillibrand also criticized President Donald Trump, alleging that his actions in the cryptocurrency sector are illegal. She highlighted the risks associated with Trump issuing memecoins, stating that it could be construed as an unethical practice and a violation of existing laws. The primary focus of the GENIUS Act, according to Gillibrand, is to establish comprehensive regulations for stablecoins rather than targeting individual ethical concerns.
As the Senate prepares to revisit the stablecoin bill, stakeholders in the cryptocurrency industry are closely monitoring the developments. The outcome of the upcoming vote could have far-reaching implications for the future of stablecoins in the United States.
*This content is for informational purposes only and should not be construed as investment advice.