GENIUS Act: Trump Grift Concerns | Senate Vote
- The GENIUS Act, legislation intended to boost the cryptocurrency market, is encountering resistance in Congress.While proponents say it will foster financial innovation, critics are raising alarms about potential...
- Senators questioned World Liberty Financial's investment in USD1, a new and unproven cryptocurrency.Lawyers for the firm stated the investment reflected a commitment to "legitimate financial innovation." However, concerns...
- Former President Trump has denied any impropriety related to the MGX deal.
The GENIUS Act, designed to invigorate the cryptocurrency market, now faces significant congressional challenges. Critics are actively raising red flags surrounding prospective conflicts of interest and the need for stricter market regulations.Concerns intensify as an entity linked to the Trump family‘s firm holds a substantial stake in a new cryptocurrency, leading to scrutiny. News Directory 3 reports how Democrats are voicing their fears that this legislation could open doors for political favors. Republicans, too, express doubts, believing the bill falls short without expanded regulations to enhance stablecoin usage. Discover how this affects cryptocurrency and what’s at stake in the Senate’s vote. Explore the evolving landscape and the hurdles ahead, ensuring a well-informed viewpoint. Discover what’s next …
GENIUS Act Faces Hurdles Amid Crypto Corruption Concerns
Updated June 19, 2025
The GENIUS Act, legislation intended to boost the cryptocurrency market, is encountering resistance in Congress.While proponents say it will foster financial innovation, critics are raising alarms about potential conflicts of interest and the need for stronger market regulations. The primary keyword is cryptocurrency, with secondary keywords being GENIUS Act and market regulation.
Senators questioned World Liberty Financial’s investment in USD1, a new and unproven cryptocurrency.Lawyers for the firm stated the investment reflected a commitment to “legitimate financial innovation.” However, concerns linger because an entity affiliated with the Trump family holds a 60% stake in the company.
Former President Trump has denied any impropriety related to the MGX deal. Sen. Elizabeth Warren, D-Mass., fears the GENIUS Act could create opportunities to reward supporters with favors, such as tariff exemptions or government appointments, if enacted.
Despite promises from House supporters to expedite the bill for Trump’s signature by July, the GENIUS Act faces critically important obstacles. Opposition stems from Democrats worried about potential conflicts of interest and Republicans who believe the bill is insufficient without additional regulations to encourage stablecoin adoption.
Even though 18 Democrats supported the GENIUS Act in the Senate, most opposed it due to concerns about potential conflicts of interest. Sen. Jeff Merkley, D-Ore., a vocal critic, said the Senate’s passage of the bill was “rubberstamping Trump’s crypto corruption.”
Merkley said he and other Democrats sought to include “strong anti-corruption measures” in the GENIUS Act before the Senate vote. However, he said Senate Republicans blocked these efforts and “rammed through this fatally flawed legislation without considering any amendments.”
Merkley vowed to “keep fighting to ban Trump-style crypto corruption to prevent the sale of government policy by elected federal officials in Congress and the White House.”
What’s next
The GENIUS Act’s future remains uncertain as it navigates congressional hurdles and ongoing debates over cryptocurrency regulation and ethical concerns.
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