Senate Rejects Stablecoin Bill Amid Trump Crypto Conflict Concerns

President Donald Trump's personal cryptocurrency ventures, including his $TRUMP meme coin and related family crypto projects, have become significant obstacles to passing the GENIUS Act, a bipartisan bill aimed at establishing federal regulations for stablecoins. Senators from both parties have expressed concerns that Trump's financial interests in these cryptocurrencies create conflicts of interest and potential corruption, with some describing promotional efforts tied to exclusive events as "pay-for-play schemes." The bill failed in the Senate with a close vote, as Democrats cited ongoing self-dealing and national security risks linked to Trump's crypto ties. Additionally, investigations are being called for into Trump-linked crypto companies, which have been involved in high-profile international deals. While some Democrats remain cautious about crypto regulation, others urge the need for clarity despite political tensions surrounding Trump’s involvement. The legislative stalemate reflects broader unease about the influence of private interests on public policy in the emerging crypto landscape.