US Senators plan to amend the GENIUS Act to restrict the Trump family from profiting from stablecoins

Odaily News Some Democratic senators plan to propose amendments to the ongoing GENIUS Act to address potential conflicts of interest between former President Trump and his family and cryptocurrency platforms. According to Axios, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley will propose a ban on the US president from making profits through stablecoins.
Previously, the Trump family was involved in the crypto platform World Liberty Financial and launched the USD1 stablecoin in March. An Abu Dhabi investment institution announced that it would use USD1 to complete a $2 billion Binance investment, sparking concerns among Democrats about potential interest transfers.
In addition, Merkley and Warren also criticized Trump for hosting a private dinner on May 22 to entertain a large number of people who bought his personal meat coins, calling it one of the worst corruptions. The incident has now triggered protests from progressive organizations, and Democratic lawmakers have demanded the release of the dinner guest list. (Cointelegraph)