At the Consensus conference in Toronto, Paul Grewal, Coinbase's Chief Legal Officer, discussed concerns from U.S. lawmakers regarding former President Trump's cryptocurrency activities and their impact on legislation. He pointed out that Trump's involvement creates a 'complex factor,' affecting Congress's consensus on the GENIUS Act.
This bill has faced obstacles in Congress since the Senate Banking Committee approved it in March. Controversy has arisen around key issues that need to be resolved, and Trump's backing of certain currencies and other efforts complicates the situation.
Many Democrats, such as Senator Elizabeth Warren, have publicly criticized the Trump family's cryptocurrency project, particularly the stablecoin USD1. In contrast, some supporters of the bill, like Senator Kirsten Gillibrand, have suggested removing language targeting Trump's cryptocurrency projects.
Although there may be adjustments, many lawmakers still expect the Senate to vote soon. Concerns about consumer protection, anti-money laundering, and national security have been raised.
Meanwhile, the House is considering new legislation on the structure of the digital asset market, another draft of the FIT21 bill that was passed in 2024. Democrats have also voiced concerns about the 'Trump cryptocurrency corruption.'
Paul Grewal believes that the coming days will bring significant progress related to Stablecoin and the cryptocurrency market, aimed at addressing issues thoroughly.
Source: https://tintucbitcoin.com/lien-he-tien-dien-tu-cua-trump-thu-thach-luat-moi/
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