“It’s unfortunate that personal business is getting in the way of good policy…I would hope that everybody in the administration, including the president, gets out of the way of good policy.”
The stablecoin legislation, known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, aims to establish a regulatory framework for U.S. payment stablecoins.
“Trump ran on a campaign to put more money in the pockets of Americans—turns out he just meant his pockets and those of his cronies.”
“Trump is cashing in on his presidency and making millions from his own crypto coins—this is corruption in broad daylight.”
Senator Jeff Merkley told CNBC in a statement:
“Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls…This is a profoundly corrupt scheme.”
Despite the concerns, Senators from both parties have already started negotiating since the failed vote on Thursday and could vote on the GENIUS Act again as soon as next Monday. Most lawmakers expect the GENIUS Act to eventually pass the Senate and land on Trump’s desk, but the timeline is uncertain amid the conflict of interest concerns.
