#USStablecoinBill

Stablecoin Bill Hits Resistance

“This is a bill that would make it even easier for the president and his family to profit off their own stablecoin and oversee their own financial company,” Warren shared last week, referring to the GENIUS Act, the Republican-led bill that would establish the first U.S. regulatory framework for stablecoins.

Warren slammed the Senate’s inaction, saying the Trump-linked crypto deal “looks like corruption, smells like corruption,” and warning that lawmakers are not stopping it, they’re “greenlighting the grift” by pushing forward the legislation.

The bill sponsored by Sen. Bill Hagerty (R-TN) passed the Senate Banking Committee in March with bipartisan support and is expected to receive a floor vote this week.

But as Politico first reported Saturday, nine Senate Democrats, including four who supported the bill in committee, now say they will oppose it in its current form.

Their joint statement said the bill “still has numerous issues that must be addressed,” including national security risks and insufficient oversight of foreign issuers.

Warren had attempted to amend the bill to prohibit stablecoins used in crimes and impose oversight on foreign firms.

But her proposals were defeated. “If we do not fix this bill,” she said, “then every senator must vote no—or risk aiding and abetting Trump’s corruption.”

Warren warned that the GENIUS Act, if passed without safeguards, would enable a sitting president to personally profit from financial instruments used by foreign governments.

“Donald Trump promised lower costs for the American people,” she said. “Instead, he’s running grifts to make more money for himself and breaking the economy for everyone else.”

Last month, Warren accused the president of using crypto legislation “as a grift to enrich himself,” warning that Congress is paving the way for Trump, and others like Elon Musk, “to take control of your money.”