Proponents of the US GENIUS Act, aimed at regulating stablecoins, are expected to vote on it again shortly in Congress. This comes after the bill failed to pass in the Senate with a close 48 to 49 vote. There are calls from some Democrats to delay further legislation concerning digital assets due to concerns over President Trump's financial interests in the cryptocurrency sector. Despite the bipartisan disagreements, Senate Majority Leader John Thune has initiated a motion to reconsider the bill. Concerns have been raised regarding Trump's connections to the crypto platform World Liberty Financial and its stablecoin, USD1, alongside his TRUMP memecoin, exacerbating allegations of potential corruption. Some Democratic lawmakers, including Maxine Waters, have criticized Trump’s involvement and called for a halt to legislation until these issues are addressed, stating it could be the most significant corruption scandal in White House history. Reports estimate Trump's crypto holdings at approximately $2.9 billion, raising further scrutiny on his financial dealings in relation to potential conflicts of interest, especially as his family has been linked to promoting cryptocurrency platforms.

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