Senators plan to amend GENIUS Act to address Trump family's stablecoin
A majority of the US Senate voted to advance the GENIUS Act, aimed at regulating payment stablecoins. High-ranking Democrats, including Chuck Schumer, Elizabeth Warren, and Jeff Merkley, plan to propose an amendment to prevent a US president from profiting from stablecoins. This follows a vote where 18 Democrats joined Republicans to advance the bill after it previously failed. Trump and his sons are involved with World Liberty Financial, which launched a stablecoin, raising concerns about potential personal benefits from related legislation. An Abu Dhabi investment firm plans to use this stablecoin for a $2 billion investment in Binance, potentially benefiting Trump's family. Democrats are also addressing Trump's private dinner for significant memecoin purchasers, calling for transparency regarding attendees. They argue that this event exemplifies corruption by allowing wealthy individuals access to the president for favorable treatment.
