Trump's administration fails to pass the GENIUS Act

Trump's cryptocurrency company

(NASDAQ:DJT)

announced last week that its stablecoin World Liberty Financial

will be used by an Abu Dhabi investment company to invest its $2 billion in the cryptocurrency exchange platform Binance.

This news came after the failed vote on the bill, known as the GENIUS Act in the Senate, where it faced opposition from the Democrats. With a majority of 49 votes to 48 votes on Thursday, this was below the required number of 60 votes.

This vote seeks to prevent Trump from profiting by separating the performance of his constitutional duties from his business activities.

The Emirati company "MGX," based in Abu Dhabi and involved in investment in artificial intelligence and advanced technologies, acquired a minority stake in Binance, the world's largest cryptocurrency trading platform, for $2 billion (7.34 billion dirhams) in a "stablecoin" whose name has not been disclosed. At that time, this occurred during the past month of March.