Draft Regulations on Stablecoin in the U.S. Congress
Lawmakers are considering the GENIUS bill to regulate stablecoins in the U.S., despite concerns about the financial relationship between former President Donald Trump and the cryptocurrency industry. On May 8, the draft did not receive enough votes to pass in the Senate amid calls from the Democratic Party to pause any legislation related to digital assets until the Republicans address Trump's conflicts of interest.
After the draft was rejected with a vote of 48-49, Senate leader John Thune proposed a reconsideration, with a potential vote in the coming days. According to a source, the Republican Party has no intention of preventing Trump or any member of his administration from investing in digital assets, arguing that it exceeds the authority of Congress.
The Cedar Innovation Foundation warns Senate leaders to "avoid political games" and pass the stablecoin bill in the near future. FAIRSHAKE has spent over $131 million supporting candidates in the 2024 election.
On May 12, the Senate continued to review the GENIUS bill, suggesting a forthcoming vote. If the Republicans bring back the unchanged draft, it is unclear whether there will be enough votes to pass given that the Democratic Party may obstruct.
The Trump family's relationship with the cryptocurrency platform World Liberty Financial and the USD1 stablecoin has raised concerns about corruption. The Democratic Party has proposed solutions to prevent members of Congress and the president's family from benefiting from memecoins.
Meanwhile, the organization State Democracy Defenders Action reports that Trump's cryptocurrency assets are worth about $2.9 billion. Trump's cryptocurrency-related activities continue to raise controversy over conflicts of interest and insider trading.
Source: https://tintucbitcoin.com/buoc-di-tiep-theo-cho-du-luat-stablecoin-hoa-ky-la-gi/
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