Close Menu
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Ethereum Dominates DeFi, Solana, Bitcoin, BSC, Tron, and Others among Top 10 

July 30, 2025

Bookkeeping Prices for Small Business: What to Expect in 2025

July 30, 2025

The 10 largest American IPOs of all time

July 30, 2025
Facebook X (Twitter) Instagram
  • Contact Us
  • Privacy Policy
  • Terms Of Service
Wednesday, July 30
Doorpickers
Facebook X (Twitter) Instagram
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking
Doorpickers
Home»Crypto»Senate showdown puts Trump’s crypto bill on the brink as Democrats revolt
Crypto

Senate showdown puts Trump’s crypto bill on the brink as Democrats revolt

May 5, 2025No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

  • Senate Democrats are determined to oppose the GENIUS Act in its current state.
  • The lack of agreement could complicate the journey of the stablecoin bill.

The U.S. Senate stablecoin bill’s fate hangs in the balance ahead of Thursday’s crucial vote.

Senators Elizabeth Warren and Reuben Gallego, leading the Democrats, have made it clear that they will not back the GENIUS Act unless stricter anti-money laundering measures and other safety precautions are included.

Warren openly criticized the bill on May 5th, citing a controversial $2 billion crypto deal between Trump-backed World Liberty Financials (WLFI) and Binance as an example of potential corruption facilitated by the bill.

“The Trump family stablecoin became the 7th largest in the world due to a questionable crypto deal with the UAE. The Senate must not pass a crypto bill that could enable this kind of corruption.”

According to reports, the deal involved the UAE acquiring a minority stake in Binance, with payment made using WLFI’s stablecoin (USD1).

Republicans Take a Firm Stance on the Stablecoin Bill

Initially, both Democrats and Republicans supported the GENIUS Act during its introduction. However, nine Senate Democrats, led by Arizona Senator Reuben Gallego, have withdrawn their support. Their letter highlighted the need for stronger anti-money laundering provisions, foreign issuer regulations, national security considerations, and maintaining financial system integrity.

“The current version of the bill has numerous unresolved issues that must be addressed. While we are willing to collaborate on improving it, we cannot support the current form of the bill.”

The passage of the bill was expected to be a significant milestone for the crypto industry, particularly for the rapidly growing stablecoin sector.

Following approval, Republican Senator Bill Hagerty, the bill’s main proponent, urged his peers to back the legislation, emphasizing the importance of bipartisan efforts to enact necessary changes.

“We must pass a law that solidifies American leadership in the digital asset realm and safeguards the US dollar for generations to come. The time for action is now.”

The crypto community criticized the Democrat-led opposition, alleging influence from the banking sector feeling threatened by stablecoin adoption.

Justin Slaughter from Paradigm and Stuart Alderoty from Ripple expressed similar sentiments, calling out the Democrats’ stance on stablecoins.

Dollar-pegged stablecoins like Tether’s USDT and Circle’s USDC have witnessed significant growth. The passage of the bill would bolster consumer protection and strengthen U.S. leadership in financial innovation.

Next: The BNB setup you can’t ignore! – DEX volume surge and a looming bear trap

Bill brink Crypto Democrats puts revolt Senate showdown Trumps
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ethereum Dominates DeFi, Solana, Bitcoin, BSC, Tron, and Others among Top 10 

July 30, 2025

Helios Blockchain Partners ZNS Connect to Launch Web3 Naming on Testnet

July 30, 2025

Will ADA outperform Bitcoin? – Charles Hoskinson’s 100x prediction explained

July 30, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

What to do if you contributed too much to your IRA last year

February 17, 20250 Views

Trump Nominates Homebuilder Scion Bill Pulte To Oversee Fannie, Freddie

January 16, 20250 Views

Vitalik Buterin warns against political memecoins like TRUMP – Here’s why

January 24, 20250 Views
Stay In Touch
  • Facebook
  • YouTube
  • TikTok
  • WhatsApp
  • Twitter
  • Instagram
Latest
Crypto

Ethereum Dominates DeFi, Solana, Bitcoin, BSC, Tron, and Others among Top 10 

July 30, 20250
Personal Finance

Bookkeeping Prices for Small Business: What to Expect in 2025

July 30, 20250
Investment

The 10 largest American IPOs of all time

July 30, 20250
Facebook X (Twitter) Instagram Pinterest
  • Contact Us
  • Privacy Policy
  • Terms Of Service
© 2025 doorpickers.com - All rights reserved

Type above and press Enter to search. Press Esc to cancel.