Trump’s crypto ventures hinder the GENIUS Act due to concerns over conflicts of interest.
Senate Democrats cite Trump’s financial conflicts as a reason for blocking the stablecoin bill.
$TRUMP coin’s surge raises concerns of a “pay-for-play scheme” linked to the president.
Donald Trump’s direct involvement in the cryptocurrency world is leading to major hurdles towards the realization of his crypto agenda. This week, the GENIUS Act, a significant piece of legislation to set up federal regulations for stablecoins, could not pass through the Senate. The reason for disagreement is the fear of conflicts of interest, especially concerning Trump’s crypto businesses, such as his meme coins.
Bipartisan Support Undermined by Meme Coin Controversy
The GENIUS Act had received bipartisan support, with both Democrats and Republicans acknowledging the need for stablecoin regulation. However, the support began to fade because of the $TRUMP meme coin, which had surged in value following Trump’s endorsement and controversial promotions.
One such promotion, whereby top holders of the coin received a dinner with the president and a VIP White House tour, the coin…
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