3347580406133475804061Today, May 5, 2025, the U.S. bill known as the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) faced a significant setback in the U.S. Senate. Nine Democratic senators, who previously supported the proposal, withdrew their support, citing concerns over a lack of robust anti-money laundering measures, national security risks, and conflicts of interest related to the Trump family's activities in the cryptocurrency sector.

Key points of the impasse:

Conflicts of interest: The company World Liberty Financial, partially controlled by the Trump family, is involved in a $527,838,236,142 deal with the UAE firm MGX, using the stablecoin USD1. This agreement raised concerns about potential direct financial benefits for former President Donald Trump and his family.

Partisan division: Although the bill was initially bipartisan, the recent withdrawal of support by Democrats highlighted internal divisions within the party, especially among progressives like Senator Elizabeth Warren, who expressed concerns about potential fraud and corruption in the cryptocurrency space.📊📊💵💵📊📊.