US Senate crypto bills stall amid Trump ties and ethics concerns
Efforts to pass crypto legislation in the US Senate are facing resistance due to ethical concerns regarding President Donald Trump's ties to cryptocurrency. Senators Elizabeth Warren and Jeff Merkley have requested an investigation into Trump's potential profit from a $2 billion investment involving UAE firm MGX, crypto exchange Binance, and World Liberty Financial (WLFI), warning it may violate the Emoluments Clause and federal bribery laws. The controversy centers on WLFI's USD1 stablecoin, linked to foreign influence and self-enrichment for Trump and his allies. Additionally, Trump hosted high-cost fundraising dinners shortly before the Senate's consideration of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. Internal GOP challenges and Democratic calls for further hearings are complicating the legislative process. Prominent figures in the crypto community criticize the political pushback against stablecoin legislation, suggesting it could impact future elections for Democrats.
