US stablecoin bill loses democrats amid Trump corruption concerns
Democratic lawmakers are withdrawing support for crypto legislation due to concerns over corruption linked to the Trump family's World Liberty Financial (WLFI). The GENIUS Act, which regulates stablecoins, initially gained bipartisan support but now faces skepticism from pro-crypto Democrats. Key provisions for anti-money laundering and national security have not alleviated concerns. Four pro-crypto Democrats expressed discomfort with the bill's direction, citing unresolved issues. Representative Maxine Waters criticized Trump's WLFI, calling it a conflict of interest. Upcoming hearings on crypto legislation may be jeopardized by Democratic withdrawals. Observers suggest political maneuvering may be influencing Democrats' stance, with potential donor interests at play. WLFI has reportedly profited significantly from Trump token sales, raising ethical questions about the president's involvement. The likelihood of passing a bipartisan stablecoin bill appears increasingly uncertain.
