Senator Warren Calls for Senate to Reject Crypto Legislation Amid Trump Deal
US Senator Elizabeth Warren has expressed concerns regarding Donald Trump’s ties to the crypto industry, particularly a $2 billion deal involving the United Arab Emirates. She has urged the Senate to halt the crypto legislation and the GENIUS Act.
Key Points
- Warren criticized the USD1 stablecoin, launched by Trump's project World Liberty Financial.
- USD1 ranks seventh in the global stablecoin market, valued at over $245 billion.
- The stablecoin is backed by short-term US Treasuries and will be used in MGX's investment in Binance.
- Warren accused Trump of profiting from his stablecoin and warned against advancing crypto legislation.
- The GENIUS Act aims to create a regulatory framework for stablecoins and is set for a vote this week.
Warren labeled the situation as “corruption in plain sight” and claimed that passing the bill would facilitate corrupt practices. The GENIUS Act, sponsored by Senator Bill Hagerty, has received bipartisan support.