GENIUS Act Heads To Floor Vote Today Amid Backlash Against Trump’s Crypto Empire

By: bitcoin ethereum news|2025/05/08 21:30:02

U.S. President Donald Trump’s much-talked-upon GENIUS Act is heading towards a final vote today. The bill, Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025, aims to roll out crystal-clear regulations for digital finance, especially stablecoins. However, Democrats are still pushing for a delay while opposing the endeavor. Leaders like Sen Elizabeth Warren and Jeff Merkley have taken a public stand against the bill, deeming it to be an aid for Trump’s ‘corrupt crypto empire’. GENIUS Act Races Ahead, But Democrats Push Back The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025 will face the floor test on May 8. Notably, the bill is a legislative proposal mandating the well-regulated use of stablecoins, whether it be for national reserve purposes or mitigating risks surrounding their use in illicit activities. Interestingly, this stablecoin act was initially kicked off as a bipartisan legislative proposal through the Senate Banking Committee with an 18-6 vote. But as the bill banged the drums for Trump’s crypto empire, Sen Jeff Merkley and Sen Warren have recently stressed on X that this stablecoin act only aids the Republicans’ corrupt DeFi endeavor. Sen Warren stressed that there is a clear conflict between the legislature and Trump’s USD1 Stablecoin, as she alleged President of gaining illegal profits from his cryptocurrency endeavors. The stablecoin act was pushed via the banking committee only weeks before the announcement earlier this month that WLFI (World Liberty Financial) received $2 billion from an Abu Dhabi-backed titan in return for its stablecoin. Even Senator Bernie Sanders cautioned, “The GENIUS Act would undermine consumer protections, benefit criminal actors, and allow the Trump family to make tens of millions of dollars through crypto ventures.” While this news already rang the alarms, another concerning news emerged right after: a dinner with the President for top $TRUMP token holders. Notably, an alarming number of foreign investors who hold a share in Trump’s meme coin will be attending the much-touted “dinner,” which was only for the top 220 investors. Gauging in on this aspect, renowned podcast host Tristan Snell urged caution, saying, “Trump’s crypto dinner is literally selling the power of the US president to the highest foreign bidders.” While these broader events have ignited caution, Democrats continue to oppose the Republicans’ pro-crypto push. With tensions building up, the final vote on Thursday could turn into a showdown between the two parties. ✓ Share: Coingape Staff CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Source: https://coingape.com/genius-act-heads-to-floor-vote-today-amid-backlash-against-trumps-crypto-empire/

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