Senate Democrats plan to add new restrictions to a stablecoin regulation bill after concerns about President Donald Trump’s links to cryptocurrencies.
On May 22, Axios reported that Senate Minority Leader Chuck Schumer, along with Senators Elizabeth Warren and Jeff Merkley, will introduce an amendment to the GENIUS Act.
Their goal is to prevent a US president from earning money through stablecoins.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
10 Biggest Crypto Scams & How to Avoid Them (ANIMATED)
Senator Merkley shared on X that if the bill passes without the amendment, it would send a message that Congress supports President Trump using his influence for personal benefit.
Merkley and Warren are especially focused on President Trump’s involvement with a personal meme coin and the event he recently hosted. On May 22, President Trump held a private dinner at his golf club in Virginia for around 220 people who bought large amounts of the Official Trump (TRUMP) token.
Senator Murphy joined Warren, Merkley, and the group Public Citizen at a press event, where they urged President Trump to release the full guest list. They warned that such private meetings could allow wealthy crypto holders to buy influence.
The proposal to amend the GENIUS Act comes after 18 Democrats joined Republicans to push the bill forward on May 20. It had previously failed to pass a procedural vote on May 8. The bill is designed to create a legal framework for payment stablecoins, but some lawmakers say it needs more rules to prevent personal gain by public officials.
Meanwhile, Kevin O’Leary, known for his role on Shark Tank, criticized Senator Warren’s comments on the GENIUS Act. What did he say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
