#Stablecoins U.S. Senate Proposes GENIUS Act Amendments on Stablecoin Profits

Senate Democrats intend to introduce amendments to the GENIUS Act to bar presidential profit from stablecoins. Concerns about potential Trump family benefits from the USD1 stablecoin sparked this legislative initiative.

The amendments aim to prevent a precedent of presidential profit in the growing stablecoin space. Market implications include potential restrictions on stablecoin investments.

Senate Leaders Targeting Stablecoin Profits: A Closer Look

Senate Minority Leader Chuck Schumer, along with Senators Elizabeth Warren and Jeff Merkley, is spearheading efforts to amend the GENIUS Act, which would prevent the president from profiting from stablecoins. The amendment focuses on the USD1 stablecoin by World Liberty Financial, which has ties to Trump’s family.

The amendment, if passed, would significantly curtail any financial gains the Trump family might acquire from the USD1 stablecoin. This move also denotes a serious approach towards eliminating conflicts of interest in presidential dealings with cryptocurrencies#usd1 $USD1