Coinbase CEO Says This About Stablecoin Bill Amid Trump Controversy

Key Insights:

• Coinbase CEO calls bill “meaningful” for U.S. crypto regulation.
• Senate may vote on the GENIUS Act by May 26 after Trump-related edits.
• Lobbyists stress urgency ahead of midterm-driven legislative deadlock.

Coinbase CEO Brian Armstrong called for swift action on stablecoin rules as Congress moves toward a vote after scrapping Trump-linked provisions in the GENIUS Act.

Stablecoin Regulation Gains Urgency as Senate Eyes Memorial Day Vote

The U.S. Senate could pass a key bipartisan stablecoin bill, the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), as early as next week. The bill’s trajectory improved after lawmakers removed controversial language allegedly targeting President Donald Trump’s crypto ventures.

Speaking at a Consensus 2025 side event hosted by Coinbase’s advocacy arm Stand With Crypto, Republican Senator Cynthia Lummis said the Senate was aiming for a vote by May 26, Memorial Day in the United States. She described the date as a “fair target.”

Senator Kirsten Gillibrand, who appeared alongside Lummis, confirmed that changes were made to remove sections that indirectly targeted Trump’s crypto activities, including a memecoin, a stablecoin platform, and a crypto mining firm with plans to go public.

“When this language comes out, people will see really good refinement,” Gillibrand said. “A lot of progress on things like consumer protection, bankruptcy protection, and ethics.”

Coinbase’s Armstrong: Stablecoin Law Must Stay Focused

Coinbase CEO Brian Armstrong also joined the discussion and emphasized the need for “meaningful” legislation. He warned against letting political distractions derail a bill intended to regulate the growing U.S. stablecoin sector.

“What I do think is important is that this bill remains focused on stablecoins,” Armstrong said. When asked whether Trump’s memecoin or other crypto activities might impact the bill’s viability, he declined to comment directly, adding, “It’s not my place to really comment on President Trump’s activity.”

Coinbase donated $1 million to Trump’s 2017 inauguration fund, but Armstrong avoided addressing whether the company would back Trump-aligned crypto initiatives ahead of the 2026 midterms.

Senate Democrats had pulled support for the GENIUS Act on May 8, citing provisions that could benefit Trump personally. Gillibrand doubled down on this point, saying, “A lot of what President Trump is engaged in is already illegal.”

She added that the memecoin issued by Trump’s circle “is literally offering anyone who wants to curry favor with the administration to just send him money—that’s about as illegal as it gets.”

Crypto Lobby Warns of Narrow Window Before Midterms

Marta Belcher, president of the Blockchain Association, warned that the legislative window is closing quickly. Speaking at the Consensus conference in Toronto, she said the crypto industry may not get another chance to push stablecoin regulation before the midterms.

“I strongly suspect that window is going to close very quickly,” Belcher said. “It’s absolutely critical that we get it through now, especially because there really is a real possibility that in the future we end up with an administration that is hostile to crypto.”

The GENIUS Act’s passage is viewed as a precursor to broader legislation, including the Republican-led crypto market structure bill, which could also come up before Congress recesses in Aug.

Chris Jonas, communications director at the Blockchain Association, echoed those concerns. He warned that once the legislative calendar enters the midterm year, “historically not a lot of legislation moves.”

White House Eyes Pre-August Deadline for Crypto Laws

Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets, confirmed the White House’s intent to sign both the stablecoin and market structure bills before the Aug. break.

Hines said on May 13 that although negotiations were ongoing, “it’s the President’s desire” to finalize both packages in time. He did not comment on the ethics concerns raised about Trump’s crypto businesses but reiterated that the administration supports regulatory clarity.

Gillibrand attempted to separate the ethics debate from the bill’s core aim. “It’s not an ethics bill,” she said. “If we were dealing with all President Trump’s ethics problems, it would be a very long and detailed bill.”

Despite the political friction, bipartisan lawmakers and industry leaders now appear aligned on the urgency to regulate U.S. dollar-backed stablecoins. With midterms approaching, the crypto industry is racing against time—and political distractions—to secure foundational legislation.