The Russiacrypto industry is celebrating this week as a controversial stablecoin bill dubbed the GENIUS Act advanced to debate in front of the full U.S. Senate.
Earlier this month, an Abu Dhabi investment firm announcedthat it would be making a $2 billion investment in the cryptocurrency exchange Binance using a brand new stablecoin called USD1.
Unlike risky cryptocurrencies with prices that fluctuate wildly and constantly, stablecoins are basically crypto tokens pegged to a more stable asset, like fiat currency such as the U.S. dollar. Crypto companies behind stablecoins typically profit based on interest rather than speculation. According to Fortune, the crypto firm behind USD1, World Liberty Financial, could make around $80 million annually off of a deal like the Abu Dhabi one.
What makes this notable? For one, World Liberty Financial is majority owned by President Donald Trump and his family. Meanwhile, a first-of-its-kind stablecoin bill has just advanced in the Senate. And although some Democrats had hoped the bill would address this type of crypto profiteering from the Trump family, the bill is moving forward regardless.
On Monday, in a 66-32 vote, the U.S. Senate advancedthe GENIUS Act, a bill that sets up the first regulatory framework for stablecoins. In total, 16 Democrats joined the Republican majority to advance the bill. Two Republicans joined the opposing Democrats who voted against it.
Just two weeks ago, the stablecoin bill was shot down by every Democratic senator, which stalled the legislation from moving forward. However, an amendment was added to the bill in an effort to appease some Democrats.
That amendment included new consumer protections and regulatory limits on companies that issue stablecoins. In addition, the amendment also extended ethics standards to special government employees, which would cover Elon Musk and Trump's AI and crypto czar David Sacks, as long as they hold their special government roles.
However, notably absent from the bill is any language that could definitively end President Trump's own crypto and stablecoin dealings.
The bill does include language that would "prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin product during their time in public service.” However, Democrats opposing the bill say that the language doesn't go far enough to address the Trump family's stablecoin endeavors.
Speaking from the Senate floor, Massachusetts Senator Elizabeth Warren said, “It doesn’t have to be this way. A bill that meaningfully strengthens oversight of the stablecoin market is worth enacting. A bill that turbocharges the stablecoin market, while facilitating the President’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all.”
In addition to the new stablecoin investment, Trump's memecoin $TRUMP has nettedhis crypto companies hundreds of millions of dollars in fees. In addition, Trump has offered special access to investors in his memecoin. Memecoins are different from stablecoins and would not be covered under this bill.
While some Democrats will be offering additional legislation to cover Trump's stablecoin project, it's unlikely to pass the Republican-controlled Senate.
Topics Cryptocurrency Donald Trump Politics
Best Garmin deal: Save over $100 on Garmin Forerunner 955
Miami Heat vs. Dallas Mavericks 2025 livestream: Watch NBA online
Ruggable Presidents' Day Sale 2025
Lego Magazine for free: How to get free Lego Magazine for kids
Best robot vacuum deal: Get the Roborock Q5 Max for 53% off at Amazon
A dramatic total lunar eclipse is coming. You don't want to miss it.
Fenerbahce vs. Anderlecht 2025 livestream: Watch Europa League for free
Stuff Your Kindle Day: How to get free books on Feb. 14, 2025
Keeping Hope Alive
Best Presidents' Day deal: Save $150 on Garmin Forerunner 955
Best IPL deal: Save $80 on Braun IPL Silk·Expert
NYT Connections hints and answers for February 16: Tips to solve 'Connections' #616.
Google Maps is adding weather incident reporting
President's Day sale: Shop Amazon Echo devices up to 36% off
The Best Gaming Concept Art of 2016
Mental health self
Best Presidents' Day deal: Save $400 on the Hisense Canvas TV
The best gals
Keeping Hope Alive
Wordle today: The answer and hints for February 14, 2025
YouTubers fighting climate change celebrate 20 million trees plantedWhat went wrong with the Boeing Starliner launchI hate the opening text crawls in the Star Wars moviesSpotify drags 'Do They Know It's Christmas' right there in the appThe oceans absorbed an unfathomable amount of heat this decadeAmerican Airlines now offers nonThe first reviews of 'Cats' are in meOnly those with dirty minds will appreciate this Ed Sheeran hashtagDear Twitter: Please verify me. Love, Julian Assange.Your smartphone is probably being tracked—and it's not hard to figure out who you areThis new EV has a 'California mode,' and it's as chill as it soundsTreat yourself to Elon Musk’s weirdest tweets of 2019Your smartphone is probably being tracked—and it's not hard to figure out who you areBBC Dad's kids are your new IDGAF heroesCanada's Girl Scouts have also had enough of TrumpLyft's e'Astronomy Club' on Netflix is a true holiday giftRey's revelation in 'Rise of Skywalker' changes Star Wars for the worseCompany says it can extract email addresses and passwords from locked iPhonesThe 7 protest moments that defined 2019 Kuaishou showcases AIGC digital human product Kuaishou Zhibo · TechNode TSMC cuts price of its 8 Tesla China lowers Model Y prices amid rising market competition · TechNode Chinese Q&A platform Zhihu makes RMB 2.04 billion in the first half of 2023 · TechNode Baidu integrates three new plug Foxconn begins iPhone 15 production in India: report · TechNode Google recruits staff for Google Home in China: report · TechNode Xiaomi unveils the Pad 6 Max, its largest tablet to date · TechNode Baidu and automaker Changan build computing center for intelligent driving · TechNode US is seeking a six So, You Want to Be a Video Game Developer? Chinese state Kuaishou sees nearly 30% revenue growth in Q2, boosted by e Geely unveils intelligent autobrand JI YUE, in collaboration with Baidu · TechNode Xiaomi launches its third generation foldable phone Mix Fold 3 · TechNode Chinese automaker BAIC BJEV to reveal its first Huawei smart selection EV in 2024 · TechNode Foxconn facilities offer increased pay for workers ahead of new iPhone release · TechNode Realme Buds Air5 launched in China, featuring 50dB ANC · TechNode China has 1.079 billion netizens and an internet penetration rate of 76.4% · TechNode Alibaba Cloud launches AI video creation tool Live Portrait · TechNode