Mr. Tim Scott criticizes partisan politics in cryptocurrency.
On May 8, in the Senate, the Chairman of the Senate Banking Committee, Tim Scott, blamed the failure of the GENIUS Bill on partisan politics. Scott stated that the failed vote overshadowed the opportunity to facilitate innovation. Instead, partisan politics took priority, hindering innovation.
The GENIUS Bill has undergone several revisions to address the Democratic Party's concerns, including stricter requirements for stablecoin issuers and anti-money laundering regulations.
Scott accused that it is not due to changes in the bill, but rather to hinder President Trump's victory in the cryptocurrency field. Elizabeth Warren, the Senator from Massachusetts, claims Trump pretends to be unrelated, while stablecoin USD1 surged due to a shady deal with the UAE.
On May 1, the company MGX in Abu Dhabi used stablecoin USD1 to conduct a transaction of 2 billion USD at Binance. The market capitalization of USD1 surged from below 137 million USD to nearly 2.13 billion USD.
The Democratic Party stands against Trump's cryptocurrency activities with many new bills. They also sponsor the MEME Bill to prevent the government from profiting from memecoin. The Democrats also introduced the End Crypto Corruption Bill to prohibit officials from profiting from cryptocurrency. Merkley emphasized that this endangers the nation.
Warren asserts that the GENIUS Bill will only facilitate Trump's cryptocurrency corruption. Any moves related to Trump in this area are suspected of being special interests and corruption.
Source: https://tintucbitcoin.com/thuong-nghi-si-tim-scott-chi-trich-chinh-tri-ngan-can-luat-stablecoin/
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