What are the next steps for the US stablecoin bill?
Proponents of the GENIUS Act, aimed at regulating stablecoins, are expected to vote again soon despite concerns over President Trump's financial ties to the cryptocurrency industry. The bill failed in the Senate with a 48 to 49 vote on May 8, prompting discussions for reconsideration. Majority Leader John Thune's motion to revisit the bill suggests a potential vote within days. Republicans are unlikely to amend the bill to address Trump's conflicts, citing constitutional limits. The Cedar Innovation Foundation urged swift passage of the bill, emphasizing the political stakes ahead of the 2024 elections. Concerns about Trump's crypto ties, including his family's involvement with World Liberty Financial and its stablecoin, have prompted Democratic lawmakers to propose legislation barring Congress members from profiting off memecoins. Reports indicate Trump's crypto holdings are valued at approximately $2.9 billion, raising significant conflict of interest questions.
