Democrats Push for Amendments to Stablecoin Regulation Bill, Targeting Trump’s Cryptocurrency Ties

Following the Senate’s approval of the GENIUS Act on May 20th, which seeks to regulate payment-stablecoins, Democratic leaders are proposing amendments to address concerns about U.S. President Donald Trump’s ties to the cryptocurrency industry. Senators Chuck Schumer, Elizabeth Warren, and Jeff Merkley will introduce an amendment to the Guiding and Establishing National Innovation in U.S. Stablecoins Act (GENIUS Act). This amendment aims to prevent the President from profiting from stablecoins.