Michael Bennet Introduces Bill To Ban Executive From Issuing And Endorsing 'Stablecoins'

Forbes Breaking News

During remarks on the Senate floor Monday, Sen. Michael Bennet (D-CO) introduced an amendment to the GENIUS Act that would prohibit the President or the Vice President from issuing stablecoins.

Transcript

00:00Mr. President.

00:01Senator from Colorado.

00:03Thank you, Mr. President.

00:05I offer my amendment to prevent the President and Vice President

00:09from using their public office for personal enrichment.

00:14Donald Trump has already benefited enormously from his ability to issue stable coins,

00:20as everybody in the world knows.

00:23His World Liberty Financial, of which he and his family have an overwhelming stake,

00:28issued a stable coin just the other month.

00:31This stable coin was chosen by companies throughout the Middle East

00:39to facilitate a $2 billion investment in Binance.

00:44The President's company will now reap interest and trading fees on billions of dollars

00:51while also raising concerns about undue influence and our national security.

00:57We shouldn't have to wonder if the President of the United States

01:00is favoring the interests of a foreign nation or a private crypto exchange like Binance,

01:06because he stands to personally profit.

01:09While this amendment specifically addresses the issuance and endorsement of stable coins,

01:15I believe this prohibition should extend to all digital assets, including the President's meme coin.

01:22In other words, Mr. President, I believe the President and the Vice President

01:26and everybody who's a member of this body and in the House of Representatives

01:31should not be in the business of speculating and issuing cryptocurrency.

01:37Stable coins, meme coins, any other coin.

01:40The Senate should not continue with the Genius Act unless the opportunities for corruption

01:45and conflict of interest on the part of executives are fully addressed.

01:50風 ramps are fully addressed.

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