U.S. Senate's Stablecoin Bill Set to Reignite Amid Trump Drama

Hang onto your hats, crypto fans! The U.S. Senate's wild ride to regulate stablecoin issuers is gearing up for another round, fresh off a week of partisan gridlock linked to President Donald Trump's shady crypto connections.

Insiders whisper that lawmakers are putting the finishing touches on a revamped bill, ready to hit the floor as early as Thursday. Buckle up!

This isn't just any bill—it's the GENIUS Act, baby! It's all about setting up a federal framework for those stablecoins we love and hate.

The last draft sailed through the Senate Banking Committee with bipartisan cheers, but hit a wall during a cloture vote last week. Democrats and two rogue Republicans said "nope." But hold on, Senate Majority Leader John Thune pulled a slick move, flipping his vote to keep this beast alive.

Trump's Shady Stablecoin Ties

Here's the juicy part: Democrats were fuming over Trump's murky ties to World Liberty Financial, the stablecoin issuer caught in a web with Binance and Abu Dhabi's MGX. But guess what? The new bill? It's silent on this drama, leaving everyone scratching their heads.

Senator Kirsten Gillibrand spilled the beans, saying the bill's got some general ethics stuff, but it's "not an ethics bill per se." Yeah, right.

Co-sponsor Senator Cynthia Lummis (R-Wyo.) isn't playing around. She's telling everyone to cut the political crap and focus on what matters—regulatory clarity. "I don't want Trump's name to derail us from the big prize," she declared at a Wednesday shindig.

Meanwhile, the House is cooking up its own stablecoin bill. If both chambers can get their act together, we might see a game-changer in how the U.S. tackles digital dollar regulation. Stay tuned, folks—this is getting good!