On May 26, 2023, the U.S. Senate is expected to pass the "National Innovation Stablecoin Guidance and Establishment Act" (GENIUS Act), which aims to establish a federal regulatory framework for stablecoins. Previously, Democrats blocked its progress on May 8 due to concerns that the bill could allow former President Trump and his family to benefit from cryptocurrency projects. To reach a consensus, the bill has removed provisions related to the Trump family.

Background and Controversy

• Purpose of the Bill: The GENIUS Act aims to establish a federal regulatory framework for stablecoins, ensuring their safety and stability while promoting innovation.

• Democratic Concerns: Democrats were concerned that the bill could allow Trump and his family to benefit from cryptocurrency projects, particularly projects like Meme coins that could be launched by the Trump family.

• Removal of Provisions: To reach a consensus, the bill has removed provisions related to the Trump family.