Elizabeth Warren Urges Congress To Vote Against Crypto Bill, Saying It Turbocharges Trump Corruption — Anthony Scaramucci Warns Democrats Against ‘Political Suicide’
Sen. Elizabeth Warren (D-Mass.) opposed the GENIUS Act, popularly known as the stablecoin bill, on the Senate floor Monday, citing worries that it would enable President Donald Trump’s “crypto corruption.”
What Happened: Warren remarked that the Republican-led legislation would supercharge the stablecoin market and the reach and profitablity of the Trump family-backed USD1.
“For the first time in history, this bill will make our president the regulator of his own financial product,” Warren said. “If the Congress does nor fix it here, it will be aiding and abetting his corruption everytime USD1 is used to finance a corrupt deal.”
Warren also raised concerns that the bill would give terrorists and drug cartels easier access to money through stablecoins. While stablecoins such as Tether (CRYPTO: USDT) have been used for illegal activities, a survey by blockchain analytics firm Chainalysis found that the vast majority of cryptocurrency transaction activity, around 99.6%, is used for legal purposes.
The White House didn’t immediately …
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