Stablecoin bill won’t target Trump as Senate aims to pass it next week

Published

6 hours ago

May 15, 2025

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Stablecoin bill won’t target Trump as Senate aims to pass it next week

The US Senate could pass a key bipartisan stablecoin bill as soon as next week after removing language targeting President Donald Trump and his family’s sprawling crypto interests.

Republican Senator Cynthia Lummis said onstage at an event by Coinbase’s lobbying arm, Stand With Crypto, that she thinks it’s a “fair target” to have the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed by May 26 — Memorial Day in the US.

Joining her onstage was Democratic Senator Kirsten Gillibrand, who hinted that the bill’s language was changed to scrap provisions that targeted Trump’s various crypto projects, which include memecoins, a crypto platform, a stablecoin, and a crypto mining company that plans to go public, among others.

“When this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, and bankruptcy protection, and ethics,” Gillibrand said. “Things beyond just ‘what’s the structure?’ and ‘what’s required for an issuer?’”

Congress, Stablecoin — *Source:* *Brian Armstrong*

Senate Democrats pulled support for the bill on May 8 and stalled its momentum, airing concerns that it wouldn’t help address multiple crypto-tied deals that will personally enrich Trump.

“A lot of what President Trump is engaged in is already illegal,” Gillibrand said. “I also think his issuance of a memecoin is illegal based on current law.”

“It’s literally offering anyone who wants to curry favor with the administration to just send him money — that’s about as illegal as it gets.”

“I’m not so worried about this bill having to deal with all President Trump’s ethics problems. What this bill is really intended to do is regulate the entire space of stablecoins,” she added.

Gillibrand said the revised bill includes “some ethics requirements,” but it was “not an ethics bill.”

“If we were dealing with all President Trump’s ethics problems, it would be a very long and detailed bill,” she added.

Coinbase CEO Brian Armstrong, also on stage, was hopeful the Senate would vote on the stablecoin bill “early next week.”

Armstrong, whose company cozied up to Trump by donating $1 million to his inauguration fund, declined to comment when asked if the President’s memecoin could impact the passage of bipartisan crypto bills.

“It’s not my place to really comment on President Trump’s activity,” he said. “What I do think is important is that this bill remains focused on stablecoins.”

Crypto bills “absolutely critical” to pass before midterms

The crypto industry is pushing for Congress to pass the GENIUS Act and a Republican-drafted crypto market structure bill before the midterm elections on Nov. 3, 2026, where all 435 House seats and a third of the 100 Senate seats are up for election.

“We have a very narrow window to get legislation through between now and the midterms,” Marta Belcher, the president of the crypto lobby group the Blockchain Association, told Cointelegraph at the Consensus conference in Toronto.

“I strongly suspect that window is going to close very quickly. I don’t know if we’re going to get another window like this to get legislation through,” she added.

“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 Association’s communications director, Chris Jonas, added that it’s critical the bills pass before Congress takes a recess for the month of August.

“Once you get into the calendar year of the midterms, historically not a lot of legislation moves, so that’s why it’s so critical,” he explained.

Trump should be on track to sign both crypto bills before the August break, according to Bo Hines, the executive director of the Presidential Council of Advisers for Digital Assets.

Hines noted on stage at Consensus on May 13 that negotiations on both bills are still ongoing, but it was “the President’s desire” to sign both “stablecoin legislation and market structure legislation before the August recess.”

Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Coinbase refuses $20M ransom after support agent data breach

Published

35 mins ago

May 15, 2025

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Coinbase refuses M ransom after support agent data breach

Coinbase, the world’s third-largest cryptocurrency exchange, was hit by a $20 million extortion attempt after cybercriminals recruited overseas support agents to leak user data, the company said.

According to a May 15 blog post, Coinbase said a group of external actors bribed and coordinated with several customer support contractors to access internal systems and steal limited user account data.

“These insiders abused their access to customer support systems to steal the account data for a small subset of customers,” Coinbase said, adding that no passwords, private keys, funds or Coinbase Prime accounts were affected.

Less than 1% of Coinbase’s monthly transacting users’ data was affected by the attack, the company said.

Coinbase refuses $20M ransom after support agent data breach — *Source:* *Coinbase*

After stealing the data, the attackers attempted to extort $20 million from Coinbase in exchange for not disclosing the breach. Coinbase refused the demand.

Instead, the company announced it was offering a $20 million reward for information leading to the arrest and conviction of those responsible for the scheme.

Scammers often masquerade as recognizable brands to inspire a false sense of trust in their victims.

In 2024, Coinbase was the most impersonated cryptocurrency brand by scammers.

This is a developing story, and further information will be added as it becomes available.

Politics

Sir Keir Starmer in talks with ‘a number of countries’ over return hubs for failed asylum seekers

Published

2 hours ago

May 15, 2025

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Sir Keir Starmer in talks with 'a number of countries' over return hubs for failed asylum seekers

The UK is in talks with “a number of countries” about sending failed asylum seekers to return hubs in third countries, Sir Keir Starmer has said.

The prime minister confirmed the plan at a press conference alongside his Albanian counterpart Edi Rama in the country’s capital, Tirana.

Politics Live: Britain’s economy grew more than expected in first quarter of 2025

Sir Keir described the hubs as a “really important innovation” that complements other measures the government is taking to crack down on criminal smuggling gangs.

“We are in talks with a number of countries about return hubs,” he said.

“At the appropriate time, I’ll be able to give you further details in relation to it.”

Sir Keir did not say which countries he is in talks with, but Mr Rama suggested he is not open to hosting UK detention centres as Albania has already signed a deal for Italy to build them there.

“We have been asked by several countries if we were open to it, and we said no, because we are loyal to the marriage with Italy and the rest is just love,” he said.

Earlier, Sir Keir told GB News that the hubs would be for people whose asylum applications have failed and they have exhausted all avenues to appeal.

This is a different concept to the Tories’ failed Rwanda scheme which Sir Keir scrapped almost immediately after winning the general election.

The Rwanda plan involved deporting all people who arrived in the UK by unauthorised means to the east African country, where their asylum claims would be processed for them to settle there, not in Britain.

Return hubs would be an offshore location to hold migrants set to be returned to their home countries and who have no chance of remaining in the UK.

The Rwanda scheme failed to get off the ground before the Tories lost the election, despite millions spent, after it was repeatedly challenged in the courts.

Shadow home office minister Chris Philp today insisted it would have acted as a deterrent, whereas the return hubs are a “con on the British public”.

He said: “It’s better than nothing but it won’t work because most of the people crossing the Channel are of nationalities where they will get their asylum claims granted.

“It’s a con on the British public for Keir Starmer to claim these return hubs will have any practical effect.”

Mr Philp also called it a “slap in the face” and “humiliation” for the prime minister that Albania has already rejected the idea, saying he’d travelled all that way to “announce a few tweaks” to a cooperation deal that was put in place by the Conservatives.

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Politics

Ukraine strategic Bitcoin reserve bill reportedly in final stages

Published

3 hours ago

May 15, 2025

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Ukraine strategic Bitcoin reserve bill reportedly in final stages

Ukraine is reportedly moving closer to adopting Bitcoin as a national reserve asset, a move that could bolster its financial resilience amid the ongoing war with Russia.

Lawmakers are reportedly working on a Bitcoin (BTC) national reserve proposal, with a draft bill in its final stages, according to Yaroslav Zhelezniak, a member of parliament who confirmed the plan to local media outlet Incrypted.

The proposal was announced during the CRYPTO 2025 conference in Kyiv on Feb. 6. “We will soon submit a draft law from the industry allowing the creation of crypto reserves,” Zhelezniak said.

Cointelegraph reached out to Zhelezniak for comment on the bill’s status but had not received a response by publication.

Bitcoin has gained international attention as a national reserve asset since the election of US President Donald Trump in November 2024. On March 7, Trump signed an executive order to establish a national Bitcoin reserve seeded with BTC confiscated from criminal cases.

A month later, Swedish MP Rickard Nordin issued an open letter urging Finance Minister Elisabeth Svantesson to consider adopting Bitcoin as a national reserve asset, citing its growing recognition as a “hedge against inflation,” Cointelegraph reported on April 11.

Legal challenges may delay adoption

While Ukraine’s push for a national Bitcoin reserve marks a potentially historic shift in crypto policy, it may require “significant legal change,” according to Kyrylo Khomiakov, regional head of CEE, Central Asia and Africa, at crypto exchange Binance.

“We commend Ukraine’s ambition to establish a strategic crypto reserve,” he told Cointelegraph. “Implementing such a reserve would necessitate significant legal changes, indicating that this process will not be swift.”

He added, “Another positive aspect is that this initiative will likely lead to greater regulatory clarity in Ukraine, as the government will need to articulate its stance more clearly.”

Ukraine was reportedly planning to legalize cryptocurrencies in early 2025 with the finalization of a draft bill in coordination with the National Bank of Ukraine (NBU) and the International Monetary Fund (IMF), according to Daniil Getmantsev, head of the tax committee of the Verkhovna Rada.

On April 8, Ukraine’s financial regulator proposed taxing certain crypto transactions as personal income with a rate of up to 23%, excluding crypto-to-crypto transactions and stablecoins.

Not all voices in Ukraine’s crypto industry are optimistic about the timing of the proposal.

”The country is broke. More than 50% of the budget is in grants and loans from the European Union,” said Michael Chobanian, the founder of Ukraine-based Kuna exchange.

“The population is decreasing at the fastest rate in the world. Men are kidnapped and sent to the army against their will. What kind of BTC reserves are we talking about here? This is done only to divert your attention,” Chobanian claimed.