🚨🚨🚨🚨Stablecoin bill unraveling? One deal may have done what lobbyists couldn’t
Just days before its Senate vote, the GENIUS Act hit a political minefield: Trump family profits, UAE cash, and nine Democrats demanding answers. What really happened?
GENIUS Act hits new resistance
On Feb. 4, a bipartisan group of U.S. senators introduced the Guiding and Establishing National Innovation for U.S. Stablecoins Act, also known as the GENIUS Act.
The bill sought to bring legal clarity to a market that now accounts for more than $240 billion in market value, with tokens like Tether Tether
USDT
-0.02%
Tether and USD Coin USDC
0%
USDC facilitating most crypto transactions worldwide.
Senator Bill Hagerty led the introduction, joined by co-sponsors from both parties including Tim Scott, Cynthia Lummis, Kirsten Gillibrand, and Angela Alsobrooks.
The Senate Banking Committee advanced the bill with an 18 to 6 vote on Mar. 13, with five Democrats supporting the motion. At the time, it was considered a legislative priority for the Trump administration, which had outlined a 100-day policy agenda that included crypto regulation.
Senate Majority Leader John Thune scheduled a vote for late May, and White House AI and crypto czar David Sacks confirmed in a Bloomberg interview that the administration expected progress before the deadline.
The environment changed on May 1, when World Liberty Financial (WLFI), a firm linked to the Trump family, announced a $2 billion dollar deal with MGX, a UAE-based financial group.
Just two days later, on May 3, nine Senate Democrats announced their opposition to the bill unless additional anti-money laundering and national security measures were included.
🌹Follow us for more crypto news
📢 Buy & Trade Here 👇
#FOMCMeeting #USHouseMarketStructureDraft #BitcoinReserveDeadline #BinanceLaunchpoolSXT #USStablecoinBill
