U.S. Senators introduced a revised version of the GENIUS Act on Thursday, aiming to establish regulations for stablecoins. This move marks a significant step toward potentially turning the proposed legislation into law.
Revised GENIUS Act Introduced In Senate
According to a press release from Senate Majority Leader John Thune (R-SD), the revised legislation will move forward in the Senate during its current working session.
Officially titled the Guiding and Establishing National Innovation for U.S. (GENIUS) Act, the bill aims to define stablecoins broadly, introduce anti-money laundering compliance measures, and implement consumer protection safeguards for investors.
Senators Cynthia Lummis (R-WY), Tim Scott (R-SC), and Bill Hagerty (R-TN) also co-sponsored the GENIUS Act.
Senator Warren Claims Corruption In Trump’s Crypto Venture
The release of the updated legislation coincided with reports that World Liberty Financial, a Trump-affiliated organization, plans to use its new stablecoin, USD1, to facilitate a $2 billion deal between Abu Dhabi-based investment firm MGX and the cryptocurrency exchange Binance.
News of the controversial deal and the reintroduction of the GENIUS Act has drawn criticism from U.S. lawmakers, including Senator Elizabeth Warren (D-MA), who condemned the 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 statement on May 1.
“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.
Trump’s involvement in cryptocurrency has come under increasing scrutiny in recent months, especially following the launch of his memecoin, $TRUMP.
Just last month, the $TRUMP token announced plans to host an exclusive gala dinner at Trump National Golf Club in Washington, D.C., for its top 220 holders.
Critics argue that both $TRUMP and World Liberty Financial’s USD1 stablecoin could open the door for foreign governments to gain influence with the sitting U.S. president.
However, with Trump currently in power, it’s uncertain how much opponents can realistically do to halt these developments.
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