The stablecoin bill, which was thought to be a sure win, was unexpectedly vetoed, with the underlying turmoil pointing to political maneuvering. Trump's aggressive positioning in the cryptocurrency space has sparked a strong backlash from the Democrats.
Coincidentally, as Ripple reached a settlement with the SEC, the Democrats quickly launched an investigation, questioning whether there was a chain of利益输送 behind the case.
As the investigation deepened, the stablecoin business associated with the Trump family, TRUMP coin, MELANIA coin, and the $2 billion collaboration project with Abu Dhabi surfaced one after another. The Democrats directly criticized the dual role conflict of "presidential identity and profit from issuing coins."
Amidst the controversy, the highly anticipated "GENIUS Act" was narrowly vetoed in the Senate by a vote of 48 to 49.
This defeat was not due to flaws in the bill's content, but rather a trust crisis surrounding personal interests and the boundaries of power — the market fears that legislation could become a tool for power monetization.
Today, the cryptocurrency market has turned into a new stage for political struggle, where its development direction not only concerns market trends but also depends on the power dynamics of control.
