President Donald Trump is reportedly pressuring the US Senate to pass both a budget bill and major cryptocurrency legislation before the end of summer.
US to Pass Budget Bill & a Crypto Bill Soon
The first bill is the GENIUS Act, a piece of crypto legislation that Trump is eager to see passed soon. According to a source familiar with the matter, Trump’s growing personal involvement in the crypto space is complicating efforts to gain bipartisan support. Trump’s memecoin project, $TRUMP; WLFI project and $MELANIA memecoin are some of the projects with affiliation from the Trump family that is making the Democrats more reluctant to back any crypto-related bills.
Still, some lawmakers and crypto lobbying groups are floating a bold idea: combining stablecoin regulation with broader market structure reforms into one package. And with Democratic support waning, the odds of passing two separate crypto bills before the midterms look increasingly slim.
On May 20, the Senate advanced the GENIUS Act with a 66-32 vote. Sixteen Democrats joined most Republicans to push it forward. Interestingly, two GOP senators i.e., Rand Paul (KY) and Jerry Moran (KS) voted against it. Just two weeks earlier, Democrats had blocked the bill, citing a lack of consumer protections. It took intense bipartisan negotiations to reach the 60-vote threshold required for advancement.
One notable clause in the bill prohibits any sitting member of Congress or senior executive official from issuing a payment stablecoin while in office. Yet the bill makes no mention of Trump’s own crypto ventures. It is worth noting that Trump and his administration team have already become targets of his political opponents due to his involvement in several projects. In fact, in her letter, Elizabeth Warren demanded transparency regarding the identities and investment statuses of officials (such as David Sacks) involved in decision-making related to crypto strategic reserves.
Meanwhile, another major legislative push is underway: Trump’s “One Big Beautiful Bill Act”, a tax and budget proposal. An updated version narrowly passed the House last month with a 215-214 vote, even when two Republicans, Thomas Massie and Warren Davidson, had opposed it.
Now the bill would be headed to the Senate, where similar resistance is expected from some Republican holdouts. GOP leadership hopes to deliver a version of the bill which is as close to the House version as possible, to Trump’s desk by July 4.
Last week, House Speaker Mike Johnson told CBS he’s urged Republican senators to “make as few modifications as possible.” However, Senate Majority Leader John Thune conveyed a different message, saying he still plans to leave his “imprint” on the legislation. If every Democrat votes no and no senators are absent, Republicans can afford to lose no more than three votes.
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