U.S. Senate Minority Leader Chuck Schumer, Elizabeth Warren, and Jeff Merkley will propose an amendment to the U.S. Stablecoin National Innovation and Establishment Act (GENIUS Act) to prevent the U.S. President from profiting from stablecoins. Merkley stated, 'If we do not include anti-corruption amendments, it is equivalent to Congress giving Trump a stamp of approval to sell influence to the highest bidder.'
Trump and his three sons are involved with the World Liberty Financial (WLFI) platform, which launched a USD1 stablecoin in March. Critics point out that if the relevant legislation recognizes USD1 as a financial instrument, the President could benefit from it.
An investment company based in Abu Dhabi plans to settle a $2 billion investment in Binance using USD1, which could allow the Trump family to profit from transaction fees.
Senators like Warren also questioned the private dinner held for major holders of Meme coins, stating, 'Tonight's private, secret dinner may be the most corrupt of all corruption.'