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Arstechnica
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Senate passes GENIUS Act—criticized as gifting Trump ample opportunity to grift
- The Senate passed the GENIUS Act, a bill regulating stablecoins, which may expand crypto adoption but raises concerns about conflicts of interest.
- Critics fear the regulation could benefit Trump, especially due to his family's ties to a stablecoin issued by World Liberty Financial.
- Some Democrats worry that Trump could use the stablecoin to hide bribes or favors, like tariff exemptions or pardons.
- Senators, including Elizabeth Warren and Jeff Merkley, raised questions about a Trump-connected crypto deal that they view as a potential conflict of interest.
- Trump has denied any wrongdoing in the deal, but critics argue that the GENIUS Act may further enable potential corruption.
- The bill passed the Senate despite opposition from Democrats concerned about Trump's conflicts of interest and the lack of anti-corruption measures.
- Some lawmakers, like Merkley and Warren, have criticized the bill for potentially facilitating corruption and undermining consumer protection.
- The House is expected to revise the GENIUS Act, but Democrats continue to push for stronger anti-corruption measures.
- Concerns persist that the bill may not pass due to disagreements over additional market regulations and addressing conflicts of interest.
- Warren and Merkley warn of the significant threats to financial systems and democracy posed by a stablecoin tied to a sitting President with financial benefits.
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