Trump's cryptocurrency relationship 'adds a certain level of challenge' to the passage of bills

The U.S. Senate is expected to vote again on the GENIUS Act, a bill related to cryptocurrency. However, it remains unclear whether supporters can address concerns from Democrats.

Coinbase's legal director, Paul Grewal, believes that former President Donald Trump's involvement in the cryptocurrency industry creates complexities in the legislative process. Since the Senate Banking Committee voted to advance the bill in March, there has been much debate over its provisions.

Some Democratic lawmakers, including Senator Elizabeth Warren, have opposed the bill due to its connection to Trump's family cryptocurrency company, World Liberty Financial, and the stablecoin USD1. However, Senator Kirsten Gillibrand stated that she would remove language specifically targeting Trump's cryptocurrency companies.

Additionally, the House is considering a bill on the structure of the digital asset market, a different version of the FIT21 bill that was passed in May 2024. Democratic representatives also opposed this bill citing "Trump's cryptocurrency corruption."

Grewal believes that in the coming days, Congress will make significant progress regarding stablecoins and the cryptocurrency market. #FIT21