Senate Minority Leader Chuck Schumer, along with Senators Elizabeth Warren and Jeff Merkley, intends to propose an amendment to the GENIUS Act aimed at regulating stablecoins, specifically targeting President Donald Trump's ties to the industry. Following a recent vote in the Senate that moved the stablecoin bill forward, the amendment would prevent a US president from profiting from stablecoin legislation. Critics argue that Trump's connections, through his involvement with the crypto platform World Liberty Financial that recently launched a new stablecoin, could result in conflicts of interest. Merkley expressed concerns that passing the bill without their proposed anti-corruption measures would imply Congressional approval of Trump's perceived influence-peddling. Moreover, Trump is facing scrutiny for hosting a private dinner for significant investors in his memecoin, with calls for transparency regarding its attendees. Lawmakers argue that such events may allow wealthy contributors to seek favors from the president, raising further ethical questions about corruption in relation to his business interests.

Source 🔗