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.
Category
🗞
NewsTranscript
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.