#BinancePizza
✨Trump's links to cryptocurrencies "add a certain level of challenge" to the approval of bills, according to a Coinbase executive✨🇺🇸✨✨💵💵
The US Senate is expected to vote again on the GENIUS Act in a few days, but it is unclear if supporters of the bill will take into account the concerns of Democrats.
Coinbase's legal director, Paul Grewal, addressed some of the concerns raised by US lawmakers and industry leaders regarding President Donald Trump's crypto ventures, and how these could affect related legislation.
Speaking at the Consensus conference in Toronto on May 15, Grewal said there have been "setbacks" in Congress since the Senate Banking Committee voted to advance the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, in March. Although Grewal noted there were disputes over "substantive issues that need to be addressed" in the bill, he hinted that Trump's involvement in the industry was a "complicating factor."
"The discussion about the president's support for a memecoin or two and other efforts adds a certain level of challenge to the effort to align Democrats and Republicans on the right way to regulate the [spot market], but I am confident that the Senate and the House are going to sort all that out," Grewal said.