U.S. President Donald Trump’s much-talked-upon GENIUS Act is heading in direction of a last vote in the present day. The invoice, Guiding and Establishing Nationwide Innovation for U.S. Stablecoins (GENIUS) Act of 2025, goals to roll out crystal-clear rules for digital finance, particularly stablecoins.
Nevertheless, Democrats are nonetheless pushing for a delay whereas opposing the endeavor. Leaders like Sen Elizabeth Warren and Jeff Merkley have taken a public stand in opposition to the invoice, deeming it to be an support for Trump’s ‘corrupt crypto empire’.
GENIUS Act Races Forward, However Democrats Push Again
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025 will face the ground take a look at on Might 8. Notably, the invoice is a legislative proposal mandating the well-regulated use of stablecoins, whether or not it’s for nationwide reserve functions or mitigating dangers surrounding their use in illicit actions.
Curiously, this stablecoin act was initially kicked off as a bipartisan legislative proposal by way of the Senate Banking Committee with an 18-6 vote. However because the invoice banged the drums for Trump’s crypto empire, Sen Jeff Merkley and Sen Warren have recently stressed on X that this stablecoin act solely aids the Republicans’ corrupt DeFi endeavor.
Sen Warren confused that there’s a clear conflict between the legislature and Trump’s USD1 Stablecoin, as she alleged President of gaining unlawful income from his cryptocurrency endeavors. The stablecoin act was pushed through the banking committee solely weeks earlier than the announcement earlier this month that WLFI (World Liberty Monetary) obtained $2 billion from an Abu Dhabi-backed titan in return for its stablecoin.
Even Senator Bernie Sanders cautioned, “The GENIUS Act would undermine shopper protections, profit legal actors, and permit the Trump household to make tens of hundreds of thousands of {dollars} by way of crypto ventures.”
Whereas this information already rang the alarms, one other regarding information emerged proper after: a dinner with the President for top $TRUMP token holders. Notably, an alarming variety of overseas traders who maintain a share in Trump’s meme coin might be attending the much-touted “dinner,” which was just for the highest 220 traders. Gauging in on this facet, famend podcast host Tristan Snell urged warning, saying, “Trump’s crypto dinner is actually promoting the ability of the US president to the very best overseas bidders.”
Whereas these broader occasions have ignited warning, Democrats proceed to oppose the Republicans’ pro-crypto push. With tensions increase, the ultimate vote on Thursday may flip right into a showdown between the 2 events.
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