U.S. Senators introduced a revised version of the GENIUS Act aimed at enacting stablecoin regulation on Thursday, marking a key step forward in the process of potentially advancing the legislation into law.
Revised GENIUS Act Introduced In Senate
According to a press release for Senate Majority Leader John Thune (R-SD), the new legislation will proceed to the Senate during the chamber’s current working period.
Formally known as the Guiding and Establishing National Innovation for U.S., the legislation would define stablecoins at large, provide anti-money-laundering compliance provisions, and ensure consumer protections are in place for investors.
Senators Cynthia Lummis (R-WY), Tim Scott (R-SC), and Bill Hagerty (R-TN) also co-sponsored the GENIUS Act.
Senator Elizabeth Claims Corruption In Trump’s Crypto Venture
The updated legislation’s launch comes the same day as reports emerged that the Trump-affiliated World Liberty Financial’s new stablecoin, USD1, would be used to close Abu Dhabi-based investment firm MGX’s $2 billion deal with crypto exchange Binance.
News of the controversial deal and reintroduced GENIUS Act sparked pushback from U.S. lawmakers like Senator Elizabeth Warren (D-MA), who slammed the political developments as corrupt.
“A shady fund backed by a foreign government just announced it will make a $2 billion deal using Donald Trump’s stablecoins,” Warren said in a May 1 statement.
“Meanwhile, the Senate is gearing up to pass the “GENIUS” Act — stablecoin legislation that will make it easier for the President and his family to line their own pockets. This is corruption, and no senator should support it,” she added.
The spotlight has seemingly landed on Trump’s crypto ventures in recent months, particularly after the launch of his namesake memecoin $TRUMP.
Just last month, $TRUMP unveiled plans to host an exclusive gala dinner at Trump National Golf Club in Washington, D.C. for the cryptocurrency’s top 220 holders.
Critics argue that $TRUMP and World Liberty Financial’s USD1 could allow foreign governments to buy favor with the current sitting U.S. president.
However, with Trump in power, it’s unclear just how much his detractors can do to stop it.
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