Source: Cointelegraph
Original: (Coinbase executive: Trump's relationship with cryptocurrency 'poses certain challenges for passing legislation')
Coinbase Chief Legal Officer Paul Grewal expressed his views on the concerns of U.S. lawmakers and industry leaders regarding President Trump's cryptocurrency business and how these businesses may impact related legislation.
At the Consensus conference in Toronto on May 15, Grewal stated that Congress has seen some 'setbacks' since the Senate Banking Committee voted in March to advance (guiding and establishing the U.S. Stablecoin National Innovation Act) (GENIUS Act). Although Grewal pointed out the 'substantive issues' in the bill that need to be resolved, he suggested that Trump's involvement in the industry has become a 'complicating factor.'
"The discussion about the president's support for certain meme coins and other related activities has indeed added some difficulty for Democrats and Republicans to agree on how to properly regulate [the spot market], but I believe the Senate and the House will ultimately resolve these issues," Grewal said.
Democrats, including Senator Elizabeth Warren, have explicitly criticized Trump's family cryptocurrency business World Liberty Financial and its USD1 stablecoin, using this as a reason to oppose the GENIUS Act. However, some supporters of the bill, such as Senator Kirsten Gillibrand, who proposed an earlier version of the bill, indicated that they would remove provisions specifically targeting the president's cryptocurrency business.
Regardless of how the bill's amendment provisions change, many lawmakers still expect the Senate to hold a new round of voting within a few days. Punchbowl reported on May 15 that Democrats 'achieved a significant victory' after receiving assurances that concerns regarding consumer protection, anti-money laundering, and national security would be addressed.
The House is also considering a draft of the Digital Asset Market Structure Bill, which is another version of the FIT21 bill that passed the House in May 2024. Democratic representatives have similarly opposed the bill, citing 'Trump's cryptocurrency corruption.'
"I think we will learn important information about whether all parties intend to truly address all these issues according to the timeline set by some leaders in the White House and Congress not long ago from the progress of stablecoin legislation in the coming days," Grewal said.
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