Democratic Lawmakers Withdraw Support for Crypto Legislation

Democrats in Washington are withdrawing their support for cryptocurrency legislation due to concerns about corruption, particularly related to the Trump family's World Liberty Financial. In March, the GENIUS Bill was introduced in committee to regulate stablecoins and was passed thanks to the vote of some pro-crypto Democratic senators. However, additional conditions on anti-money laundering and financial risk are still not enough to address their concerns.

Democrats and Republicans are facing difficulties in their efforts to create stablecoin legislation. Four out of five senators supporting cryptocurrency have stated they are dissatisfied with the current direction of the bill. Unresolved issues include money laundering, foreign issuers, and national security.

Some members of the House Financial Services Committee, led by Maxine Waters, intend to withdraw from the hearing on the bill. Waters criticized Trump and his TRUMP memecoin project, claiming it represents "the worst of cryptocurrency." The bill is being scrutinized for allowing the president and insiders to benefit, something Waters cannot support.

Corruption concerns and political maneuvering are clouding the passage of crypto legislation. A lawyer specializing in cryptocurrency argues that the delay could be a political game to create leverage. Major donors are influencing decisions, undermining the chances of passing the bill.

World Liberty Financial is accused of operating opaquely, having earned $550 million from selling Trump Tokens. Eric Trump announced a partnership with an investment company in Abu Dhabi, using $1 for a $2 billion deal. WLFI is accused of using these transactions to enrich the Trump family.

President Trump denies benefiting from the project, but there is increasing pressure on lawmakers to halt Republican efforts. The future of the stablecoin bill and cryptocurrency overall remains a challenge for both parties.

Source: https://tintucbitcoin.com/du-luat-stablecoin-hoa-ky-gap-tro-ngai-do-lo-ngai-tu-trump/

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