Senate Democrats plan to add new restrictions to a stablecoin regulation bill after concerns about President Donald Trump’s links to cryptocurrencies.
On May 22, Axios reported that Senate Minority Leader Chuck Schumer, along with Senators Elizabeth Warren and Jeff Merkley, will introduce an amendment to the GENIUS Act.
Their goal is to prevent a US president from earning money through stablecoins.
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Senator Merkley shared on X that if the bill passes without the amendment, it would send a message that Congress supports President Trump using his influence for personal benefit.
Merkley and Warren are especially focused on President Trump’s involvement with a personal meme coin and the event he recently hosted. On May 22, President Trump held a private dinner at his golf club in Virginia for around 220 people who bought large amounts of the Official Trump (TRUMP) token.
Senator Murphy joined Warren, Merkley, and the group Public Citizen at a press event, where they urged President Trump to release the full guest list. They warned that such private meetings could allow wealthy crypto holders to buy influence.
The proposal to amend the GENIUS Act comes after 18 Democrats joined Republicans to push the bill forward on May 20. It had previously failed to pass a procedural vote on May 8. The bill is designed to create a legal framework for payment stablecoins, but some lawmakers say it needs more rules to prevent personal gain by public officials.
Meanwhile, Kevin O’Leary, known for his role on Shark Tank, criticized Senator Warren’s comments on the GENIUS Act. What did he say? Read the full story.
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