Senate Democrats Pause Stablecoin Bill Amid Trump’s Crypto Ties
Senate Democrats are hesitant to advance the stablecoin legislation, the GENIUS Act, due to concerns over President Trump's personal crypto ties. Key points include:
- Sen. Ruben Gallego and eight colleagues will not support the current version of the GENIUS Act.
- The Senate requires 60 votes to pass any legislation.
- Concerns arise that delays in the stablecoin bill could impact broader market structure legislation.
- Trump's recent announcements regarding his memecoin and a stablecoin investment linked to his family raise ethical concerns among Democrats.
- Gallego's group emphasizes the need for stronger regulatory provisions on anti-money laundering and national security.
- Sen. Elizabeth Warren criticized the bill, linking it to potential corruption involving foreign entities.
- Lobbyists for the crypto industry are urging lawmakers to proceed with the stablecoin framework.
Despite the political challenges, analysts predict the stablecoin bill may still pass, though potentially delayed.