{"id":12342,"date":"2025-05-23T02:24:34","date_gmt":"2025-05-23T00:24:34","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=12342"},"modified":"2025-05-23T02:24:34","modified_gmt":"2025-05-23T00:24:34","slug":"senators-set-to-revise-genius-act-to-tackle-trump-familys-stablecoin-initiative","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/05\/23\/senators-set-to-revise-genius-act-to-tackle-trump-familys-stablecoin-initiative\/","title":{"rendered":"Senators Set to Revise GENIUS Act to Tackle Trump Family&#8217;s Stablecoin Initiative"},"content":{"rendered":"\n<div data-v-60373258=\"\">\n<p>While a significant portion of US Senate members voted to push forward a bill regulating payment stablecoins on May 20, prominent Democrats are preparing to suggest an amendment to the law addressing former President Donald Trump&#8217;s ties to the cryptocurrency sector.<\/p>\n<p>As reported by Axios on May 22, Senate Minority Leader Chuck Schumer along with Senators Elizabeth Warren and Jeff Merkley plan to <a data-ct-non-breakable=\"null\" href=\"https:\/\/www.axios.com\/2025\/05\/22\/democrats-trump-crypto-stablecoin-genius-act\" title=\"null\">submit<\/a> an amendment to the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, aimed at preventing a US president from benefiting financially from stablecoins. This proposed amendment follows the support of 18 Democrats who voted alongside Republicans in the Senate to <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/us-senate-moves-forward-genius-stablecoin-bill\" title=\"null\">move the bill forward<\/a> on May 20, after it did not pass a procedural vote on May 8.<\/p>\n<p>\u201cEnacting the GENIUS Act without our anti-corruption amendment essentially endorses Trump\u2019s selling of access and influence to the highest bidder,\u201d Merkley <a data-ct-non-breakable=\"null\" href=\"https:\/\/x.com\/SenJeffMerkley\/status\/1925620411733074010\" title=\"null\">stated<\/a> in a May 22 post on X.<\/p>\n<p>Trump and his three sons are connected to the cryptocurrency platform World Liberty Financial (WLFI), which introduced its USD1 stablecoin in March. Detractors have highlighted that the former president could continue to personally gain from regulations that elevate stablecoins like USD1 as financial instruments within the US.\u00a0<\/p>\n<p><template data-ct-widget=\"buzzsprout\" data-buzzsprout-podcast-id=\"2040516\" data-buzzsprout-episode-id=\"17175052\"\/><\/p>\n<p><em><strong>Related: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/donald-trump-crypto-corruption-bill-memecoin-dinner\" title=\"null\"><em><strong>US legislator introduces anti-corruption bill ahead of Trump&#8217;s dinner<\/strong><\/em><\/a><\/p>\n<p>An investment firm based in Abu Dhabi announced that it would <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/eric-trump-usd1-used-2-b-mgx-investment-binance\" title=\"null\">employ USD1 to finalize a $2-billion investment<\/a> in Binance, essentially permitting the president\u2019s family to reap the benefits from transaction fees. Democratic lawmakers have already <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/world-liberty-financial-oversight-congress\" title=\"null\">demanded an inquiry<\/a> into Trump\u2019s involvement with the platform, which was broadly dismissed as \u201cfaulty\u201d by WLFI co-founder Zach Witkoff.<\/p>\n<h2>Democrats assert stablecoins represent only one of many potential conflicts<\/h2>\n<p>Merkley and Warren are also organizing counteractions regarding Trump hosting a dinner at his golf club for as many as 220 individuals who acquired the largest quantities of his personal memecoin. Merkley is anticipated to <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/protest-donald-trump-memecoin-dinner\" title=\"null\">participate in a protest<\/a> arranged by the consumer advocacy organization Public Citizen, in conjunction with progressive group Our Revolution, outside the Trump venue on May 22.\u00a0<\/p>\n<p><iframe title=\"Eric Trump: They Tried to Cancel My Family \u2014 So We Went All In on Crypto\" width=\"814\" height=\"458\" src=\"https:\/\/www.youtube.com\/embed\/VKc5QcRvdc0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>Warren <a data-ct-non-breakable=\"null\" href=\"https:\/\/www.c-span.org\/program\/news-conference\/democrats-hold-news-conference-on-trump-meme-coin-dinner\/660311\" title=\"null\">conducted<\/a> a press conference alongside Merkley, Senator Chris Murphy, and representatives from Public Citizen, urging Trump to \u201cdisclose the guest list\u201d for the dinner event. While several potential attendees have come forward to state they owned the wallets that purchased the memecoin and planned to attend, most remained unidentified by the time of publication.<\/p>\n<p>\u201cWhat is taking place tonight \u2014 this exclusive, covert dinner \u2014 where individuals who have financially contributed to Donald Trump gain access to him, is perhaps the most egregious of all corrupt practices,\u201d remarked Murphy, adding:<\/p>\n<blockquote><p>\u201cThey were able to pay their way in to secure an audience with the President of the United States to request favorable national security concessions.\u201d<\/p><\/blockquote>\n<p>Cointelegraph contacted the White House for comments, but had not received any response by the time of publication.<\/p>\n<p><em><strong>Magazine: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/magazine\/trumps-crypto-insider-trading-conflict-of-interest-concerns\/\" title=\"null\"><em><strong>Trump\u2019s cryptocurrency endeavors raise questions of conflict of interest and insider trading<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\" label=\"Subscription Form: Markets Outlook\"\/><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/senators-amendment-genius-act-world-liberty-financial-stablecoin?utm_source=rss_feed&#038;utm_medium=rss_tag_regulation&#038;utm_campaign=rss_partner_inbound\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While a significant portion of US Senate members voted to push forward a bill regulating payment stablecoins on May 20, prominent Democrats are preparing to suggest an amendment to the law addressing former President Donald Trump&#8217;s ties to the cryptocurrency sector. As reported by Axios on May 22, Senate Minority Leader Chuck Schumer along with<\/p>\n","protected":false},"author":3,"featured_media":12343,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[2511],"class_list":["post-12342","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy-and-markets","tag-return-a-list-of-comma-separated-tags-from-this-title-senators-plan-to-amend-genius-act-to-address-trump-familys-stablecoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Senators Set to Revise GENIUS Act to Tackle Trump Family&#039;s Stablecoin Initiative - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/05\/23\/senators-set-to-revise-genius-act-to-tackle-trump-familys-stablecoin-initiative\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senators Set to Revise GENIUS Act to Tackle Trump Family&#039;s Stablecoin Initiative - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"While a significant portion of US Senate members voted to push forward a bill regulating payment stablecoins on May 20, prominent Democrats are preparing to suggest an amendment to the law addressing former President Donald Trump&#8217;s ties to the cryptocurrency sector. As reported by Axios on May 22, Senate Minority Leader Chuck Schumer along with\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wsj-crypto.com\/index.php\/2025\/05\/23\/senators-set-to-revise-genius-act-to-tackle-trump-familys-stablecoin-initiative\/\" \/>\n<meta property=\"og:site_name\" content=\"WSJ-Crypto\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-23T00:24:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/05\/0196f985-7e9f-756f-a103-b618f3964191.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"799\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"wsjcrypto\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Scritto da\" \/>\n\t<meta name=\"twitter:data1\" content=\"wsjcrypto\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tempo di lettura stimato\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minuti\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/05\/23\/senators-set-to-revise-genius-act-to-tackle-trump-familys-stablecoin-initiative\/\",\"url\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/05\/23\/senators-set-to-revise-genius-act-to-tackle-trump-familys-stablecoin-initiative\/\",\"name\":\"Senators Set to Revise GENIUS Act to Tackle Trump Family's Stablecoin Initiative - 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