📢 Breaking: U.S. Stablecoin Bill Faces Political Turmoil Amid Trump Family Ties to BinanceAxios+1Reuters+1
The U.S. Senate Banking Committee recently advanced the bipartisan GENIUS Act, aiming to regulate stablecoin issuers. However, the bill's progression has encountered significant hurdles due to emerging political controversies.Crypto Economy+5Cointelegraph+5Cointelegraph+5
Key Democratic figures, including Rep. Maxine Waters and Sen. Elizabeth Warren, have withdrawn support after revelations that World Liberty Financial—a company partially owned by President Donald Trump's family—is set to benefit from a $2 billion investment involving its stablecoin, USD1, and Binance. Reuters+2WIRED+2Time+2
Critics express concerns over potential conflicts of interest and national security implications, especially given the Trump family's substantial stake in World Liberty Financial. The situation has led to the postponement of a scheduled bipartisan hearing, casting doubt on the bill's future.Baltimore Chronicle+4Time+4WIRED+4Reuters+1Cointelegraph+1
For a comprehensive overview of the GENIUS Act and its implications, visit Binance Square. BinanceBinance+4Cointelegraph+4Cointelegraph+4
