Senate Set To Pass Stablecoin Bill That Exempts Trump

The Senate is poised to pass the GENIUS Act on Tuesday, according to Benzinga. It would be the chamber’s first major legislation to regulate stablecoins, a type of cryptocurrency typically tied to the U.S. dollar. The GENIUS Act would create consumer protections for stablecoins and stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.” The bill bans members of Congress and their families from profiting off stablecoins but excludes the president and his family, despite Trump’s crypto ties. Trump recently hosted investors in a Trump-branded meme coin at a private dinner at his golf club. His family holds a major stake in World Liberty Financial, which launched its own stablecoin. Most Democrats oppose the bill, citing unresolved concerns over Trump’s crypto interests.