Without the involvement of USD1, that capital would have entirely left the U.S. financial system and shifted overseas," the letter states.
However, Senators Elizabeth Warren and Jeff Merkley have raised concerns about the deal, suggesting it may be an attempt to gain favor with the president’s family.
The Senate is scheduled to vote on the GENIUS Act today. If passed, the legislation would authorize the federal government to license stablecoin issuers and require those digital assets to be backed by U.S. dollars or equivalent cash reserves.
Supporters argue that the bill represents a crucial step in establishing federal oversight of a rapidly growing financial product.
Critics, including Senator Warren, contend that the legislation falls short in ensuring sufficient regulatory oversight of an industry from which the president’s family stands to benefit.
“A bill that accelerates the growth of the stablecoin market while enabling presidential corruption and weakening national security, financial stability, and consumer protections is worse than passing no bill at all,” Warren said during a Senate floor debate on May 19.
In May, Senate Democrats proposed an amendment to prevent a sitting president and their immediate family from profiting from stablecoin-related ventures. The amendment was ultimately excluded, and the bill advanced with a 66–22 vote, including support from 16 Democrats who joined Republicans.
Backers of the legislation are aiming to send it to the president’s desk by July.
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