It was a vote to stop President Trump from having a victory in the digital asset space.“Related: Democrat lawmakers object to hearing, citing ‘Trump’s crypto corruption’Democrats cite corruption concernsMassachusetts Senator Elizabeth Warren, a leading voice on crypto regulation, raised concerns that the Trump family-linked stablecoin, USD1, surged in market value due to a “shady crypto deal with the United Arab Emirates.”“The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption,“ she said.
Related: Trump tricked into pushing XRP for crypto reserve: ReportScott criticizes last-minute oppositionScott, a South Carolina Republican, said that “the GENIUS Act was a bipartisan achievement at the Banking Committee.” By working on it, he claimed those involved “made the decision to make America's economy safer and cheaper for the American people.” Still, in his view, Democrats changed their minds when the “light and cameras were watching.”Scott alleged that the shift was driven not by changes in the bill, but by efforts to deny President Donald Trump a legislative win:“It was a vote against President Trump and President Trump’s legislative agenda.
While the letter did not mention Trump directly, Representative Maxine Waters was more explicit in her opposition.“If there is no effort to block the President of the United States of America from owning his stablecoin business [...] I will never be able to agree on supporting this bill, and I would ask other members not to be enablers,” Waters said.
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Author / Journalist: Cointelegraph by Adrian Zmudzinski
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