Senate Democrats are attempting to block a cryptocurrency bill at the 11th hour, citing concerns that it could allow President Donald Trump and other conservatives to profit corruptly from the initiative.
According to Axios, a group of Democrat senators on Friday convinced Minority Leader Chuck Schumer (D-NY) to back an amendment to the bill that would prevent the president and other officials from profiting from stablecoins, which are regulated by the bill.
The Democrats are bothered by Trump and other Republicans' crypto ventures, and are worried they could have too much influence over the crypto markets without the amendment.
Schumer, along with Sens. Elizabeth Warren (MA) and Jeff Merkley (OR), will file the amendment.
It was also co-sponsored by Sens. Gary Peters (D-MI), Jack Reed (D-RI), Chris Murphy (D-CT) and Michael Bennet (D-CO).
"Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the highest bidder," Merkley told Axios.
As usual, Democrats are greatly exaggerating the potential of what could happen.
Also, are congressional politicians allowed to profit from stablecoins? The bill did not appear to exempt them from it the same way as the president is exempted.
As always, the less government control and involvement in Americans' business ventures, the better.
Not all Democrats are involved in this push, however.
Sen. Mark Warner (D-VA) believes the bill should be passed as-is, even if Trump uses the technology corruptly.
“The stablecoin market has reached nearly $250 billion and the U.S. can’t afford to keep standing on the sidelines," Warner said in a statement Monday. "We need clear rules of the road to protect consumers, defend national security, and support responsible innovation. The GENIUS Act is a meaningful step forward. It sets high standards for issuers, limits big tech overreach, and creates a safer, more transparent framework for digital assets. It’s not perfect, but it’s far better than the status quo.
He added: "We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers don’t shape it, others will – and not in ways that serve our interests or democratic values. Innovation in this space is happening, with or without us. We have a responsibility to ensure it happens safely, transparently, and in a way that advances U.S. economic and national security interests. The GENIUS Act will help get us started.”
At least four Democrats would have to vote against the bill if the amendment fails in order to derail it, so we'll see what happens in the coming days.
