Senate Advances Bipartisan Stablecoin Bill Amid Trump Crypto Corruption Concerns

The Senate advanced the GENIUS Act, a bill creating a regulatory framework for stablecoins, with bipartisan support including 16 Democrats despite concerns about insufficient measures to curb corruption and Trump's crypto ties. The legislation, backed by the crypto industry, aims to set consumer protections and limit Big Tech's ability to issue stablecoins, but critics, including Sen. Elizabeth Warren, argue the bill’s core flaws remain unaddressed, particularly its failure to prevent Trump from selling crypto while in office. Changes include a ban on publicly traded companies issuing stablecoins and prohibiting the use of "United States" or similar terms in stablecoin names, though these measures are seen as limited given ventures like Trump’s USD1 stablecoin. The bill’s passage is viewed by some as a favor to the crypto industry, which heavily funded last year’s elections and is linked to ongoing corruption concerns. Senators supporting the bill emphasize the need to regulate blockchain technology to prevent foreign influence and protect democratic values, despite the controversy. The bill now moves toward full Senate debate and likely passage around Memorial Day.