The U.S. Senate has removed Trump provisions from the Cryptocurrency-Friendly GENIUS Act and will re-vote! Here is the critical date!

The stablecoin law called the "GENIUS Act," which has long been awaited for approval in the US, was rejected by the US Senate in the first week of May.

The decision to halt the progress of the GENIUS Law in the Senate has been criticized harshly by high-profile figures and the cryptocurrency sector, while the US Senate may hold a re-vote on the stablecoin bill in the near future.

Democratic Senator Kirsten Gillibrand stated that the stablecoin bill will remove provisions targeting the Trump family's involvement in the cryptocurrency sector and that the Senate aims to pass the revised version by May 26.

Speaking at the Stand With Crypto event, Gillibrand stated that the language referring to Trump-related initiatives, including memecoins, crypto platforms, stablecoins, and mining companies, has been removed from the GENIUS Act.

"When the revised version of the law emerges, people will see real improvements and significant progress in areas like consumer protection, bankruptcy protection, and ethics."

Bitcoin supporter Republican Senator Cynthia Lummis stated that she believes the passage of the GENIUS Act on May 26, Memorial Day in the U.S., is a "fair goal."

Most of Trump's Actions Are Illegal!

Gillibrand claimed that the actions of President Donald Trump are illegal:

"I believe that many of the things President Trump has done are already illegal, and according to current law, I think it is also illegal for him to issue a memecoin.

Creating a memecoin means offering to send money to anyone who wants to get closer to the management. This is the most illegal thing that could happen.

This bill does not address President Trump’s ethical issues. The main purpose of this bill is to regulate the entire area of stablecoins.