Michaela
Democratic Senators have prepared to introduce an amendment to the recently advanced GENIUS Act in the Senate, aiming to address President Donald Trump’s ties to the cryptocurrency sector.
Senate Minority Leader Chuck Schumer, along with Senators Jeff Merkley and Elizabeth Warren, are reportedly set to introduce an amendment to the GENIUS Act aimed at preventing the U.S. president and other officials from financially benefiting from stablecoins.
According to Axios, the proposed measure comes as the Guiding and Establishing National Innovation for US Stablecoins Act, widely referred to as the GENIUS Act cleared a key hurdle on May 20, after initially stalling during a procedural vote earlier this month.
Senator Mark Warner, a key figure in the ongoing negotiations surrounding the GENIUS Act, emphasized that Democrats should back the legislation even as concerns persist over the Trump family’s potential ties to the crypto industry. “But we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay,” Warner stated on Monday.
The group of Democratic senators voicing concerns over potential corruption maintain that the GENIUS Act should not advance through the Senate without the proposed amendment addressing those issues.
“Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the highest bidder,” Merkley told Axios.
President Trump’s growing ties to the cryptocurrency sector have prompted fresh scrutiny from lawmakers and ethics watchdogs. His financial involvement in several high-profile crypto ventures has sparked debate over potential conflicts of interest.
One major point of concern is Trump’s public alignment with the $TRUMP meme coin, which has drawn millions in investment and reportedly offered high-paying donors exclusive access to private events.
Critics argue the venture blurs the line between political fundraising and personal enrichment, especially after reports surfaced that top crypto investors paid upwards of $1 million for a seat at a private dinner hosted at one of Trump’s properties.
President Trump and his sons have been linked to the cryptocurrency firm World Liberty Financial (WLFI), which launched its USD1 stablecoin earlier this year. Critics warn that Trump could stand to gain financially from any future legislation that formally classifies stablecoins—such as USD1—as regulated financial instruments in the United States.
Read More
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- Trump-Linked American Bitcoin to Go Public in Gryphon Merger Deal
- Millions Made, Millions Lost: Trump Meme Coin Fuels Crypto Divide
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
