The U.S. Senate may pass the much-anticipated Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) with bipartisan support as early as next week. Following a shocking result the last time the bill was voted on in the Senate, it has been revised, and the controversial provisions aimed at President Donald Trump’s crypto dealings have been removed.

Speaking at the Stand With Crypto event hosted by Coinbase’s advocacy arm, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) shared their optimism about the GENIUS Act. They believe the bill can pass the Senate before Memorial Day, which is May 26. The aim of the new bill is to create a clear regulatory framework for stablecoins, which are digital assets pegged to the value of fiat currencies such as the U.S. dollar.

Senate to Vote on GENIUS Act

The bill originally included the language that critics said was tailored to target Trump’s business and personal ventures. These ventures include a stablecoin project, a crypto platform, memecoins, and a crypto mining company that is planning to go public. Because of this, the Senate Democrats withdrew their support on May 8. They cited their concerns that the bill didn’t adequately address Trump’s potential ethical violations and financial conflicts of interest in the crypto space.

Senator Gillibrand said at the event, “A lot of what President Trump is engaged in is already illegal. His issuance of a memecoin, for instance, is likely unlawful under current regulations.”

However, Gillibrand clarified that the GENIUS Act is not meant to be an “ethics bill,” and that trying to address all of Trump’s alleged conflicts would require a far more comprehensive piece of legislation. Instead, she emphasized the bill’s progress in areas like consumer protection and bankruptcy provisions for stablecoin issuers.

Thanks to the revisions, the bipartisan support for the bill has been rekindled. Brian Armstrong, CEO of Coinbase, was also present at the event and expressed his hope that the Senate could vote on the bill early next week. Armstrong’s company has contributed to Trump’s political efforts in past campaigns. He also refrained from directly commenting on President Trump’s crypto activities but urged lawmakers to stay focused on the broader implications of the legislation.

Effect on the Crypto Industry

The crypto industry is ramping up pressure on lawmakers to pass the GENIUS Act, along with a separate Republican-led crypto market structure bill, before the 2026 midterm elections. Those elections will see all 435 House seats and one-third of the Senate up for grabs, creating an uncertain future for digital asset legislation.

Marta Belcher, president of the Blockchain Association, was speaking at the Consensus conference in Toronto and warned, “We have a very narrow window to get legislation through. It’s absolutely critical that we get it through now.”

According to Chris Jonas, the group’s communications director, the goal is to pass both bills before Congress breaks for its month-long August recess. Bo Hines, Executive Director of the Presidential Council of Advisers for Digital Assets, confirmed that it is “the President’s desire” to sign both bills into law before then. With negotiations still ongoing, all eyes are on the Senate as it prepares for what could be a landmark vote in shaping the future of the U.S. crypto regulation.

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