Senate Democrats Goal Presidential Earnings in GENIUS Act

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Senate Democrats plan so as to add new restrictions to a stablecoin regulation invoice after considerations about President Donald Trump’s hyperlinks to cryptocurrencies.

On Could 22, Axios reported that Senate Minority Chief Chuck Schumer, together with Senators Elizabeth Warren and Jeff Merkley, will introduce an modification to the GENIUS Act.

Their purpose is to stop a US president from incomes cash by way of stablecoins.

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Senator Merkley shared on X that if the invoice passes with out the modification, it will ship a message that Congress helps President Trump utilizing his affect for private profit.

Merkley and Warren are particularly centered on President Trump’s involvement with a private meme coin and the occasion he just lately hosted. On Could 22, President Trump held a personal dinner at his golf membership in Virginia for round 220 individuals who purchased giant quantities of the Official Trump (TRUMP) token.

Senator Murphy joined Warren, Merkley, and the group Public Citizen at a press occasion, the place they urged President Trump to launch the total visitor checklist. They warned that such personal conferences might enable rich crypto holders to purchase affect.

The proposal to amend the GENIUS Act comes after 18 Democrats joined Republicans to push the invoice ahead on Could 20. It had beforehand didn't go a procedural vote on Could 8. The invoice is designed to create a authorized framework for cost stablecoins, however some lawmakers say it wants extra guidelines to stop private achieve by public officers.

In the meantime, Kevin O'Leary, recognized for his function on Shark Tank, criticized Senator Warren's feedback on the GENIUS Act. What did he say? Learn the total story.

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