Democrats are worried that Trump will profit from it, and cryptocurrency legislation is blocked
Recently, Trump's frequent involvement in the field of cryptocurrency has aroused Democrats' concerns about its potential interest transfer and corruption, which has slowed down the United States' progress in promoting cryptocurrency and stablecoin legislation.
The GENIUS Act, which was originally highly anticipated and considered the easiest to pass, aims to establish a regulatory framework for US payment stablecoins. However, when the bill was voted on in the Senate last Thursday, it failed to pass with 48 votes in favor and 49 votes against.
In fact, there was originally a bill on the structure of the US crypto market to be discussed, but it was also shelved because of Trump's incident.
This matter has to start with Trump's TRUMP meme coin, which rose to $75 before he took office. As soon as he took office, the price fell all the way, which made many investors very dissatisfied.
The GENIUS Act was expected to pass smoothly, but last weekend, only 4 of the 9 Democratic senators voted in favor, saying that they would not support it due to national security and money laundering issues.
On May 6, Maxine Waters, the Democratic leader of the House Financial Services Committee, accused Trump of making at least $350 million through memecoins when discussing the Crypto Market Structure Act, calling his behavior "corrupt."
At the same hearing, Chastity Murphy, a consultant to the U.S. Treasury Department, accused Trump's cryptocurrency empire of being a tool for "power-for-money transactions, bribery, and regulatory capture." Another congressman revealed that Trump has made about $2.9 billion from cryptocurrency investments, accounting for nearly 40% of his wealth.
On May 7, Senator Mark Kelly proposed the Ending Crypto Corruption Act, which aims to prohibit members of Congress and their families from issuing, endorsing, or sponsoring crypto assets such as the TRUMP memecoin and the USD1 stablecoin. He emphasized that Trump's use of the presidency to profit from cryptocurrencies is "corruption in broad daylight."
In addition, several senators wrote to the Secretary of the Treasury and the Attorney General to investigate Trump's relationship with Binance.
Despite the numerous concerns, senators from both parties have begun negotiations since the failed vote and are expected to vote on the GENIUS Act again next Monday.Please stay tuned!
