Elizabeth Warren Slams ‘Shady’ Deal Involving Trump Family-Backed USD1 As Democrats Withdraw Support For Senate Crypto Bill (CORRECTED)
Editor’s Note: A typographical error in the headline of this story has been corrected.
A faction of Senate Democrats, known for their pro-cryptocurrency stance, expressed its opposition to a Republican-led stablecoin legislation on Saturday, citing concerns about the modified version.
What Happened: A group of nine Democrats, who have previously backed crypto-friendly laws, voiced their concerns over the GENIUS Act, popularly known as the stablecoin bill, as reported by Politico. They said that the bill has multiple issues that need to be resolved before they can support it.
The statement was endorsed by Sen. Ruben Gallego (D-Ariz.), Sen. Mark Warner (D-Va.), Sen. Lisa Blunt Rochester (D-Del.) and Sen. Andy Kim (D-N.J.), who had earlier voted in favor of the bill when it got approval by the Senate Banking Committee in March.
The lawmakers said that the bill needs “stronger provisions” on anti-money laundering, foreign issuers and national security.
Sen. Elizabeth Warren (D-Mass.), a fierce cryptocurrency critic from the political fraternity, noted how a Trump family-backed USD1 became one of the most valued stablecoins, currently the fifth-largest by market capitalization, thanks to a “shady deal” with the …
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