Critics argue that the legislation would legalize untraceable crypto donations in US elections, deregulate stablecoins, and allow public officials to profit from crypto ventures. The group further warned that the bill would “hand the keys of our democracy to crypto billionaires and Trump’s inner circle.”
The legislation, formally titled the Generating Entrepreneurship and New Income Using Stablecoins Act, has sparked concern across Washington for the inclusion of certain provisions that could compromise election safeguards.
Critics have argued that these provisions would permit unlimited, untraceable crypto-based political donations, deregulate stablecoin issuance, and allow sitting lawmakers to hold stakes in digital asset ventures.
The timing of the deal has fueled accusations that the bill is not about financial innovation, but about enriching Trump’s inner circle while undermining election integrity.
Our Revolution, founded out of Senator Bernie Sanders’ 2016 presidential campaign, says more than 10,000 of its members have already signed a petition urging Democrats to reject the GENIUS Act. The petition will be delivered directly to Senate offices this week.
Warren and Merkley will be joined on the call by tech watchdog Molly White, Mark Hays of Americans for Financial Reform, and Our Revolution’s Executive Director Joseph Geevarghese. Together, they will analyze the legislation’s risks and chart a path for organized grassroots resistance.
According to the group, the GENIUS Act is the culmination of a $200 million campaign by crypto speculators to influence US politics during the 2024 election cycle.
The call will lay out how everyday Americans can fight back against what organizers call a crypto-corporate coup.
