The failure to pass stablecoin legislation highlights significant issues in President Trump's financial management.
Failure of the GENIUS Act
The GENIUS Act, designed to set federal rules for stablecoins, was voted down in the Senate with a tally of 48-49. Three senators were absent during the vote. Trump's crypto empire is cited as the main reason for the bill's defeat.
Trump's Conflicts of Interest
Senator Jeff Merkley pointed out that Trump's personal cryptocurrencies allow individuals to influence the president by purchasing his assets. Senator Lisa Blunt Rochester declined to support the bill due to ongoing self-dealing and financial conflicts of interest relating to Trump's $TRUMP and $MELANIA coins.
Reactions from the Crypto Industry
Trump's legislative troubles undermine trust in the cryptocurrency industry. In response, a new bill, the End Crypto Corruption Act, is proposed to prevent elected officials from promoting crypto investments. Investors express disappointment, hoping for better governance and separation of business from policy.
The situation surrounding the GENIUS Act underscores the need for cryptocurrency regulation and the importance of strict conflict of interest rules in the financial sector.
