The US Senate is set to revisit the GENIUS Act shortly, amid ongoing disputes between lawmakers regarding consumer protection and national security issues linked to stablecoins. Coinbase's chief legal officer, Paul Grewal, discussed the implications of President Trump’s involvement in the crypto sector during the Consensus conference in Toronto. He indicated that Trump's crypto ventures, particularly his support for specific memecoins and involvement with World Liberty Financial’s USD1 stablecoin, complicate bipartisan agreement. Notably, Senator Elizabeth Warren openly criticized these ventures, which has influenced the Democratic response to the GENIUS Act. As discussions continue, some lawmakers feel optimistic about finding a compromise that addresses consumer protection concerns. Additionally, the House is drafting a new digital asset market structure bill, as debates about Trump’s influence on crypto legislation persist. Observers expect that the near-term outcomes on stablecoins could signal the broader legislative appetite for tackling existing crypto regulations.

Source 🔗