U.S. SENATORS PLAN TO MODIFY THE GENIUS ACT TO ADDRESS THE TRUMP FAMILY STABLECOIN.

Senators in the United States are in the process of modifying the GENIUS Act, a key piece of legislation for the regulation of stablecoins, with the aim of specifically addressing the recent foray of the Trump family into the cryptocurrency space. The GENIUS Act (Guidance and Establishment of National Innovation for U.S. Stablecoins) seeks to establish a clear regulatory framework for these digital currencies tied to stable assets like the dollar.

The main concern arises from the stablecoin linked to the Trump family, which has drawn criticism due to potential conflicts of interest. Democratic lawmakers, in particular, have called for investigations into Donald Trump's connections with crypto platforms and the recent stablecoin, which has experienced a rapid rise in market value.

Despite facing some initial opposition, the Senate has moved forward with the debate on the GENIUS bill. The final version of the law, once reconciled with the House of Representatives and potentially signed by the president, is expected to impose requirements on stablecoin issuers, such as maintaining reserves that back their coins and complying with anti-money laundering regulations. The goal is to provide greater confidence and stability to the crypto sector while ensuring consumer protection and addressing concerns about the influence of key players in the market.

Trump and his three children are involved in the crypto platform World Liberty Financial (WLFI), which launched its stablecoin USD1 in March. Critics have pointed out that the president could continue to personally benefit from legislation recognizing stablecoins like USD1 as financial instruments in the U.S.