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?’”
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.”
TikTok and Instagram have been accused of targeting teenagers with suicide and self-harm content – at a higher rate than two years ago.
The Molly Rose Foundation – set up by Ian Russell after his 14-year-old daughter took her own life after viewing harmful content on social media – commissioned analysis of hundreds of posts on the platforms, using accounts of a 15-year-old girl based in the UK.
The charity claimed videos recommended by algorithms on the For You pages continued to feature a “tsunami” of clips containing “suicide, self-harm and intense depression” to under-16s who have previously engaged with similar material.
One in 10 of the harmful posts had been liked at least a million times. The average number of likes was 226,000, the researchers said.
Mr Russell told Sky News the results were “horrifying” and showed online safety laws are not fit for purpose.
Image: Molly Russell died in 2017. Pic: Molly Rose Foundation
‘This is happening on PM’s watch’
He said: “It is staggering that eight years after Molly’s death, incredibly harmful suicide, self-harm, and depression content like she saw is still pervasive across social media.
“Ofcom’s recent child safety codes do not match the sheer scale of harm being suggested to vulnerable users and ultimately do little to prevent more deaths like Molly’s.
“The situation has got worse rather than better, despite the actions of governments and regulators and people like me. The report shows that if you strayed into the rabbit hole of harmful suicide self-injury content, it’s almost inescapable.
“For over a year, this entirely preventable harm has been happening on the prime minister’s watch and where Ofcom have been timid it is time for him to be strong and bring forward strengthened, life-saving legislation without delay.”
Image: Ian Russell says children are viewing ‘industrial levels’ of self-harm content
After Molly’s death in 2017, a coroner ruled she had been suffering from depression, and the material she had viewed online contributed to her death “in a more than minimal way”.
Researchers at Bright Data looked at 300 Instagram Reels and 242 TikToks to determine if they “promoted and glorified suicide and self-harm”, referenced ideation or methods, or “themes of intense hopelessness, misery, and despair”.
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3:53
What are the new online rules?
Instagram
The Molly Rose Foundation claimed Instagram “continues to algorithmically recommend appallingly high volumes of harmful material”.
The researchers said 97% of the videos recommended on Instagram Reels for the account of a teenage girl, who had previously looked at this content, were judged to be harmful.
Some 44% actively referenced suicide and self-harm, they said. They also claimed harmful content was sent in emails containing recommended content for users.
A spokesperson for Meta, which owns Instagram, said: “We disagree with the assertions of this report and the limited methodology behind it.
“Tens of millions of teens are now in Instagram Teen Accounts, which offer built-in protections that limit who can contact them, the content they see, and the time they spend on Instagram.
“We continue to use automated technology to remove content encouraging suicide and self-injury, with 99% proactively actioned before being reported to us. We developed Teen Accounts to help protect teens online and continue to work tirelessly to do just that.”
TikTok
TikTok was accused of recommending “an almost uninterrupted supply of harmful material”, with 96% of the videos judged to be harmful, the report said.
Over half (55%) of the For You posts were found to be suicide and self-harm related; a single search yielding posts promoting suicide behaviours, dangerous stunts and challenges, it was claimed.
The number of problematic hashtags had increased since 2023; with many shared on highly-followed accounts which compiled ‘playlists’ of harmful content, the report alleged.
A TikTok spokesperson said: “Teen accounts on TikTok have 50+ features and settings designed to help them safely express themselves, discover and learn, and parents can further customise 20+ content and privacy settings through Family Pairing.
“With over 99% of violative content proactively removed by TikTok, the findings don’t reflect the real experience of people on our platform which the report admits.”
According to TikTok, they not do not allow content showing or promoting suicide and self-harm, and say that banned hashtags lead users to support helplines.
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5:23
Why do people want to repeal the Online Safety Act?
‘A brutal reality’
Both platforms allow young users to provide negative feedback on harmful content recommended to them. But the researchers found they can also provide positive feedback on this content and be sent it for the next 30 days.
Technology Secretary Peter Kyle said: “These figures show a brutal reality – for far too long, tech companies have stood by as the internet fed vile content to children, devastating young lives and even tearing some families to pieces.
“But companies can no longer pretend not to see. The Online Safety Act, which came into effect earlier this year, requires platforms to protect all users from illegal content and children from the most harmful content, like promoting or encouraging suicide and self-harm. 45 sites are already under investigation.”
An Ofcom spokesperson said: “Since this research was carried out, our new measures to protect children online have come into force.
“These will make a meaningful difference to children – helping to prevent exposure to the most harmful content, including suicide and self-harm material. And for the first time, services will be required by law to tame toxic algorithms.
“Tech firms that don’t comply with the protection measures set out in our codes can expect enforcement action.”
Image: Peter Kyle has said opponents of the Online Safety Act are on the side of predators. Pic: PA
‘A snapshot of rock bottom’
A separate report out today from the Children’s Commissioner found the proportion of children who have seen pornography online has risen in the past two years – also driven by algorithms.
Rachel de Souza described the content young people are seeing as “violent, extreme and degrading”, and often illegal, and said her office’s findings must be seen as a “snapshot of what rock bottom looks like”.
More than half (58%) of respondents to the survey said that, as children, they had seen pornography involving strangulation, while 44% reported seeing a depiction of rape – specifically someone who was asleep.
The survey of 1,020 people aged between 16 and 21 found that they were on average aged 13 when they first saw pornography. More than a quarter (27%) said they were 11, and some reported being six or younger.
Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK. In the US, call the Samaritans branch in your area or 1 (800) 273-TALK.
The SEC has pushed back decisions on Truth Social’s Bitcoin-Ethereum ETF, Solana products from 21Shares and Bitwise and 21Shares’ Core XRP Trust — all now set for October deadlines.