Democratic lawmakers in Washington are retreating from supporting crypto legislation amid heightened concerns over corruption tied to the Trump family's financial dealings.
Withdrawal from Stablecoin Bill Support
Democrats who initially supported the GENIUS Act, a bill intended to regulate stablecoins in the US, are now backing away from its progress. Four of the five pro-crypto Democratic senators have issued a statement expressing discomfort with the current state of the bill.
Bipartisan Efforts at Risk
The loss of backing from key Democrats appears to undermine bipartisan cooperation on the stablecoin legislation. Representatives, including Maxine Waters, emphasize the need for improved protections for users, including stricter anti-money laundering measures.
Further Allegations of Misconduct
World Liberty Financial (WLFI), linked to the Trump family, has attracted around $550 million through token sales and continues to engage in deals that enrich its founders. Critics assert that Trump is utilizing his crypto ventures for personal gain, raising additional controversies and intensifying the divide between Democrats and Republicans.
Given the current situation, the chances for passing a stablecoin bill through bipartisan cooperation remain uncertain, highlighting further deepening divisions in the realm of cryptocurrency regulation.
