Democratic Legislators Advocate for Changes to GENIUS Act Amidst Concerns About Trump's Cryptocurrency Connections

As the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act nears enactment, Democratic senators are pushing for amendments to prevent potential corruption from public figures, specifically President Donald Trump's family. The bill, which outlines the first regulatory framework for stablecoins in the U.S., is under scrutiny due to concerns about Trump's crypto investments.

Despite initial support, senators such as Jeff Merkley, Elizabeth Warren, and Chuck Schumer may withdraw their votes if the legislation does not include protections against corruption. Meanwhile, the Trump family's crypto business, World Liberty Financial (WLFI), is in the spotlight as it launches a new stablecoin, USD1, amid an investigation by top Democrat lawmakers into potential illegal fundraising, abuse of political power, and foreign influence.