Democratic lawmakers, including Sens. Chris Murphy (D-CT) and Elizabeth Warren (D-MA), and Rep. Sam Liccardo (D-CA), plan to call on President Trump to release the guest list for his dinner with top meme coin holders. Democrats are also seeking to ban presidents from offering meme coins in the future. The moves come as President Trump is scheduled to host a dinner tonight at Trump National Golf Club in Sterling, Virginia for more than 200 of the biggest investors in his meme coin.

House Majority Whip Tom Emmer (R-MN) and Rep. Ritchie Torres (D-NY) reintroduced the Blockchain Regulatory Certainty Act (H.R. 3533) to clarify that digital asset developers and service providers that do not custody consumer funds are not money transmitters. The lawmakers argue that the bill "provides necessary legal clarity that will unlock blockchain development in the United States." Emmer first introduced the legislation in 2018.

The House Financial Services Committee advanced the Financial Integrity and Regulation Management (FIRM) Act (H.R. 2702), which would end the use of reputational risk by regulators, in an effort to combat the debanking of certain industries including crypto. Reps. Andy Barr (R-KY) and Ritchie Torres (D-NY) introduced the bill in April.

Bipartisan sponsors of the GENIUS Act have filed an amendment that would insert an array of negotiated changes into the bill ahead of a final floor vote expected in the coming weeks. The language includes new consumer protections that Democrats have called for, along with provisions that would ban interest-bearing stablecoins and impose more stringent rules on foreign stablecoin issuers. Senators have filed several other amendments as the bill is being considered, including an amendment from Sen. Roger Marshall (R-KS) to crack down on credit card swipe fees. It is unclear which amendments will get floor votes.

The Senate held another procedural vote on the GENIUS Act, during which the stablecoin bill gained three new supporters. Sens. Raphael Warnock (D-GA) and Jerry Moran (R-KS) flipped their votes to yes, while Sen. Mark Kelly (D-AZ), who was absent for the previous vote, also supported the motion to proceed, which advanced in a vote of 69-31. Sen. Josh Hawley (R-MO), who was also absent from the first vote, voted against the motion and raised concerns that the legislation could open the door to big tech companies issuing crypto tokens. Senators are expected to vote on final passage following the Memorial Day recess.

Some Senate Democrats are continuing to call for changes to the GENIUS Act. Sen. Chris Murphy (D-CT) said in an interview that the bill should close a loophole allowing the president to issue a stablecoin, noting that members of Congress would be prohibited from doing so. Separately, Sen. Dick Durbin (D-IL) offered an amendment to crack down on crypto ATMs and require crypto ATM operators to warn consumers about scams, provide live customer support, and develop comprehensive anti-fraud policies.

The House Appropriations Committee Financial Services and General Government Subcommittee held a hearing on SEC oversight with testimony from SEC Chair Paul Atkins. Several members focused on the need to develop a regulatory framework for digital assets, including Chair Dave Joyce (R-OH) and Reps. Glenn Ivey (D-MD), Sanford Bishop (D-GA), and Chuck Edwards (R-NC). Democrats also voiced concern around President Trump’s ties to the crypto industry. For his part, Chair Atkins said developing a rational regulatory frameworks for crypto asset markets will be a key priority for his chairmanship. Other topics of focus included tariffs, reductions in SEC staffing, the climate disclosure rule, and the Consolidated Audit Trail (CAT).

Rep. Mike Flood (R-NE) said in an interview with Fox Business that he thinks Congress can get stablecoin legislation done this summer. He stated that House Financial Services Committee Chair French Hill (R-AR) has been in conversation with Senate Banking Committee Chair Tim Scott (R-SC), noting that House lawmakers have their own ideas and will be sending something back to the Senate "to make this market structure work and put America in the driver's seat of innovation." His comments come as the Senate voted to move forward with floor consideration of senators' stablecoin proposal, the GENIUS Act.

Sen. Michael Bennet (D-CO) introduced the Stop Trading Assets Benefiting Lawmakers’ Earnings while Governing Exotic and Novel Investments for the United States (STABLE GENIUS) Act (S. 1803) to prevent elected officials and federal candidates from issuing or endorsing digital assets, while also preventing officials from making legislative or policy decisions influenced by digital assets they hold. Officials would be required to place digital assets in a blind trust to ensure they cannot profit from policymaking decisions. The bill would apply to the president, vice president, members of Congress, and federal candidates.