Chuck Schumer, Minority Leader of the United States Senate, Senators Elizabeth Warren and Jeff Merkley plan to add an anti-corruption amendment to the GENIUS Act. These amendments tackle President Donald Trump’s ties to the cryptocurrency world.
Senator Jeff Merkley shared an X post stating that passing the GENIUS Act without including their anti-corruption amendment would show that Congress was okay with Trump selling influence and access to those who can pay the most.
Chuck Schumer is expected to support changes to the stablecoin bill to limit the president’s connections to cryptocurrency.
Senators propose a new amendment to the GENIUS Act
On May 20, most members of the US Senate voted to move forward with the Guiding and Establishing National Innovation for US Stablecoins Act. The bill aimed to regulate the payment of stablecoins. However, some top Democrats wanted to add an amendment to the bill.
This amendment would prevent a US president from making money off stablecoins. This proposal comes after 18 Democrats voted with Republicans on May 20 to advance the bill, following a procedural vote that did not pass on May 8.
Reports suggest that crypto platform World Liberty Financial (WLFI) released its USD1 stablecoin in March, with Trump and his 3 sons reportedly heading the platform. Critics have raised concerns about the president potentially profiting from legislation supporting stablecoins like USD1.
Democratic legislators have called for an investigation into Trump’s involvement with the platform, as well as an Abu Dhabi investment company settling a $2-billion investment in Binance using USD1, which could benefit the president’s family through transaction fees.
Senators investigate Trump’s “private, secret” dinner
Merkley and Warren are also looking into Trump’s exclusive dinner event, where top buyers of his personal memecoin were reportedly invited. The senators plan to respond to the event, with Merkley joining a protest at the venue and Warren demanding the guest list be released.
Senator Chris Murphy described the dinner as a private, secret gathering where individuals who financially supported the president gained access to him. This has raised concerns about potential corruption and national security implications.
The White House has not provided any comments on these matters.
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