As President Trump promotes his memecoin at a gala for top buyers, Democrats, led by Sen. Chris Murphy, propose an amendment to the GENIUS Act that seeks to prevent the president and officials from profiting off stablecoins. Despite bipartisan angst over Trump's crypto involvement, Republican lawmakers may be reluctant to publicly oppose him. The White House defends Trump's crypto endeavors, asserting their potential to establish the U.S. as a leader in the digital financial sector. The GENIUS Act, which aims to regulate stablecoins, is poised for legislative debate, but limitations on Trump’s involvement could complicate its passage.
Liccardo expressed that some Republican colleagues are privately appalled by Trump’s engagement in cryptocurrencies, yet public acknowledgment remains uncertain.
White House officials defend Trump's involvement, insisting that he aims to position America as the leading nation in cryptocurrency and digital finance.
Sen. Murphy emphasized the goal of the amendment to control profits from stablecoins as an essential move for accountability and transparency.
Despite potential amendments, the GENIUS Act faces challenges, and the inclusion of limitations on Trump’s actions could hinder its passage.
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