Senators Anticipate Approval of Bipartisan Crypto Legislation Minus Anti-Trump Provisions
Key legislators crafting a Senate bill to establish guidelines for stablecoins—a type of cryptocurrency linked to assets like the US dollar—told Semafor on Wednesday that they anticipate revised legislation to be approved by the end of next week, excluding provisions targeting the Trump family’s crypto earnings.
An effort to push the legislation forward last week collapsed as crypto-friendly lawmakers couldn’t finalize changes sought by Democrats in time. Some Democrats had pushed for language that would prevent President Donald Trump from profiting off a related meme coin and stablecoin.
“I do think that’s a fair target,” said Sen. Cynthia Lummis, R-Wyo., when asked if the Senate would pass stablecoin legislation by Memorial Day. She made these comments on stage alongside Sen. Kirsten Gillibrand, D-N.Y., and Coinbase CEO Brian Armstrong at an event hosted by Stand With Crypto and moderated by Semafor.
Sources familiar with the discussions informed Semafor on Wednesday that key senators had finalized the text of the legislation. However, the specifics of their agreement remain vague, although Gillibrand indicated that the bill has shifted more toward the Democrats’ stance.
“When this language is released, you’ll see significant improvements and progress—particularly in areas like consumer protection, bankruptcy protection, and ethics,” Gillibrand stated.
Nonetheless, she suggested that the bill would not include measures aimed at Trump’s cryptocurrency profits. Sen. Ruben Gallego, D-Ariz., conveyed similar sentiments last week.
“Much of what President Trump is involved in is already illegal,” Gillibrand commented. “So I’m not overly concerned about this bill addressing Trump’s ethical issues. This legislation is primarily focused on regulating the broader stablecoin market.”
“This bill does include strong ethics requirements, which I believe are robust and beneficial,” Gillibrand added. “However, it is not fundamentally an ethics bill, and if we were to tackle all of President Trump’s ethical concerns, it would result in a significantly protracted process.”
When asked about the president’s cryptocurrency ventures and their influence on bipartisan legislation, Armstrong refrained from commenting.
“Anyone should have the right to sell art or coffee mugs or anything else. Whether it’s appropriate for the president to do so is a matter for others to discuss,” Armstrong explained. “I believe it’s crucial that this bill remains focused on stablecoins.”
On the same day, Armstrong acknowledged that Coinbase initially preferred Congress to advance stablecoin legislation alongside a more comprehensive crypto regulation overhaul. However, he noted that the exchange has supported the senators’ decision to separate the issues.
“At the beginning of this process, we were concerned that the nuances between the two bills might be overlooked,” Armstrong reflected. “But when the Senate chose to proceed with stablecoin legislation, we were fully supportive of that.”
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