#CryptoRegulation Crypto markets have long been susceptible to fraud and criminal misuse. Rep. Bill Huizenga (R-Mich.) says the lack of regulation leaves consumers vulnerable and stifles innovation.

“We don’t have regulation right now,” Huizenga said. “It’s vital.”Crypto markets have long been susceptible to fraud and criminal misuse. Rep. Bill Huizenga (R-Mich.) says the lack of regulation leaves consumers vulnerable and stifles innovation.

“We don’t have regulation right now,” Huizenga said. “It’s vital.”

Last week, the Senate failed to advance a measure, dubbed the GENIUS ACT. The bill is aimed specifically at regulating stablecoins, digital currencies pegged to the U.S. dollar that are used for transactions and transfers.

“The question is, does this bill actually regulate anything? And the answer is no,” said Sen. Jeff Merkley (D-Ore.).

Merkley and other Democrats argue the bill doesn’t go far enough and have raised ethical concerns about potential conflicts of interest. President Trump and members of his family recently launched their own digital coin, prompting accusations of self-dealing.

“Self-dealing. Pure and simple,” Merkley said.

President Trump, speaking in Qatar, dismissed questions about foreign investment in the coin.

“I don’t know anything about it,” Trump said.

Sen. Josh Hawley (R-Mo.) also opposes the GENUIS Act but for different reasons. He says it could give major tech corporations too much influence over the financial system.

“If you’re concerned about what one private individual is doing, how much more should you be concerned about the biggest corporations in the world issuing their own currencies?” Hawley asked. “Is that really what we want?”

Despite the disagreements, there is bipartisan momentum for broader crypto regulations. Johnson says he expects a compromise bill to reach Trump’s desk within the next six months.