U.S. Senators Propose Modification to the GENIUS Act to Limit Conflicts of Interest for the President Regarding Stablecoins

According to reports, U.S. Senate Minority Leader Chuck Schumer, Elizabeth Warren, and Markey plan to propose amendments to the "U.S. Stablecoin National Innovation Act" (GENIUS Act) to prohibit the President from profiting from stablecoins. This move is aimed at addressing the potential economic risks posed by the USD1 stablecoin issued by the World Liberty Financial platform, in which the Trump family is involved. Previously, the bill has received support from 18 Democratic lawmakers. Critics from the Democratic Party argue that this will lead to "official approval for the President to sell influence to the highest bidder."