Although most US Senate members voted to advance a bill to arrange payment stables on May 20, the high rank of Democrats is planning to propose an law amendment to address President Donald Trump’s connections to the cryptocurrency industry.
According to a May 22 Axios report, Senate Minority Leader Chuck Schumer and Senator Elizabeth Warren and Jeff Merkley Will file An amendment to the guide and establishment of national innovation for the US Stablecoins Act, or Genius Act, to block a US president from profiling from Stablecoins. The proposed amendment will come after 18 Democrats contacted Republicans in the Senate in Voting to advance the bill On May 20 after it failed a vote on the procedure on May 8.
“Passing the Genius Act without our anti-corruption amendment stamp a congressional seal of approval to Trump selling access and influence on the highest bidder,” Merkley Says In a post of May 22 x.
Trump his three sons are involved in the Crypto Platform World Liberty Financial (WLFI) platform, which launched the USD1 Stablecoin this March. Critics point out that the president may continue to personally benefit from the law that helps identify stablecoins such as USD1 as financial instruments in the US.
Related: US lawmaker introduced the anti-corruption bill before Trump’s dinner
A Abu Dhabi -based investment company said this would happen Use USD1 to solve a $ 2-billion investment In Binance, the President’s family is effectively allowed to earn from transaction fees. Democratic lawmakers already have call for an investigation In Trump’s connections to the platform, which is mainly removed as “flawed” by WLFI co-founder Zach Witkoff.
Stablecoins is just one of the many potential conflicts, the Democrats say
Merkley and Warren are also planning responses to Trump who bought dinner at his golf club up to 220 people who bought the most important amount of his personal memecoin. Merkley is expected Attend to a protest The Consumer Advocacy Group Public Citizen, in collaboration with the progressive political organization of our revolution, was organized outside the Trump area on May 22.
https://www.youtube.com/watch?v=vkc5qcrvdc0
Boot held A press conference with Merkley, Senator Chris Murphy and public people representatives, who called on Trump to “release the guest list” for the dinner event. Although some of the potential attendees have announced to the public that they are the ones who owned the purses to buy memecoin and are intended to go, most are still not introducing the time of publication.
“What’s going on tonight – this private, secret dinner – where individuals put money in Donald Trump’s pocket, gain access to him, probably the most conflicting of all corruption,” Murphy said, added:
“They were able to pay to get an audience with the president of the United States to request interesting national security concessions.”
The cointelegraph reached the White House for comment, but did not receive a response at the time of publication.
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