{"id":72200,"date":"2025-05-08T09:05:16","date_gmt":"2025-05-08T09:05:16","guid":{"rendered":"https:\/\/freakcryptos.com\/index.php\/2025\/05\/08\/genius-act-heads-to-floor-vote-today-amid-backlash-against-trumps-crypto-empire\/"},"modified":"2025-05-08T09:05:16","modified_gmt":"2025-05-08T09:05:16","slug":"genius-act-heads-to-floor-vote-today-amid-backlash-against-trumps-crypto-empire","status":"publish","type":"post","link":"https:\/\/freakcryptos.com\/index.php\/2025\/05\/08\/genius-act-heads-to-floor-vote-today-amid-backlash-against-trumps-crypto-empire\/","title":{"rendered":"GENIUS Act Heads To Floor Vote Today Amid Backlash Against Trump’s Crypto Empire"},"content":{"rendered":"


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U.S. President Donald Trump\u2019s much-talked-upon GENIUS Act is heading in the direction of a ultimate vote right now. The invoice, Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025, goals to roll out crystal-clear rules for digital finance, particularly stablecoins.<\/p>\n

However, Democrats are nonetheless pushing for a delay whereas opposing the endeavor. Leaders like Sen Elizabeth Warren and Jeff Merkley have taken a public stand in opposition to the invoice, deeming it to be an help for Trump\u2019s \u2018corrupt crypto empire\u2019.<\/p>\n

GENIUS Act Races Ahead, But Democrats Push Back<\/h2>\n

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act<\/a> of 2025 will face the ground take a look at on May 8. Notably, the invoice is a legislative proposal mandating the well-regulated use of stablecoins, whether or not it’s for nationwide reserve functions or mitigating dangers surrounding their use in illicit actions.<\/p>\n

Interestingly, this stablecoin act was initially kicked off as a bipartisan legislative proposal by way of the Senate Banking Committee with an 18-6 vote. But because the invoice banged the drums for Trump\u2019s crypto empire, Sen Jeff Merkley and Sen Warren have recently stressed on X<\/a> that this stablecoin act solely aids the Republicans\u2019 corrupt DeFi endeavor.<\/p>\n

Sen Warren burdened that there’s a clear conflict between the legislature and Trump\u2019s USD1 Stablecoin<\/a>, as she alleged President of gaining unlawful earnings from his cryptocurrency endeavors. The stablecoin act was pushed by way of the banking committee solely weeks earlier than the announcement earlier this month that WLFI (World Liberty Financial) obtained $2 billion from an Abu Dhabi-backed titan in return for its stablecoin.<\/p>\n

Even Senator Bernie Sanders cautioned, \u201cThe GENIUS Act would undermine consumer protections, benefit criminal actors, and allow the Trump family to make tens of millions of dollars through crypto ventures.\u201d<\/p>\n

While this information already rang the alarms, one other regarding information emerged proper after: a dinner with the President for top $TRUMP token holders<\/a>. Notably, an alarming variety of overseas buyers who maintain a share in Trump\u2019s meme coin can be attending the much-touted \u201cdinner,\u201d which was just for the highest 220 buyers. Gauging in on this facet, famend podcast host Tristan Snell urged warning, saying, \u201cTrump\u2019s crypto dinner is literally selling the power of the US president to the highest foreign bidders.\u201d<\/p>\n

While these broader occasions have ignited warning, Democrats proceed to oppose the Republicans\u2019 pro-crypto push. With tensions build up, the ultimate vote on Thursday might flip right into a showdown between the 2 events.<\/p>\n

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Coingape Staff <\/p>\n<\/p><\/div>\n

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