US Senators’ minority leaders Chuck Schumer, Senators Elizabeth Warren and Jeff Markley plan to add anti-corruption amendments to the Genius Act. These revisions address President Donald Trump’s relationship with the cryptocurrency world.
Senator Jeff Markley shared xPost He says passing the act of genius without including anti-corruption amendments shows that Congress is OK with Trump selling influence and access to those who can most pay.
Chuck Schumer is expected to support the changes to Stablecoin Bill to limit the president’s connection to cryptocurrency.
Senators propose new amendments to the Genius Act
On May 20th, most members of the US Senate voted to advance guidelines and establishment of national innovation for the US stubcoin law. The bill was intended to regulate stablecoins payments. However, some top Democrats wanted to add an amendment to the bill.
This amendment prevents the US president from making money from stubcoin. The proposal comes after 18 Democrats voted for Republicans on May 20 after a procedure vote that was not passed on May 20.
Initially, reports from sources suggest that Crypto Platform World Liberty Financial (WLFI) released USD1 Stablecoin in March. Trump and his three sons apparently lead a crypto platform. Eric Trump and Donald Trump Jr. are actively involved in managing the crypto platform World Liberty Financial (WLFI), and Baron Trump is listed as the “Defi (Decentralized Financial) visionary” for the project.
Regarding President Donald Trump’s connection to the cryptocurrency world, critics said he may personally benefit from laws that support stables, such as USD1, so that the president is perceived as a US financial product.
Separately, the Abu Dhabi Investment Company announced it would use USD1 to settle its $200 million binance investment, allowing the president’s family to pocket transaction fees.
To curb this, Democrats have already called for an investigation into the president’s involvement in the platform. But WLFI co-founder Zach Witkoff said most people continue to describe this as a “flaw.”
Senator investigates Trump’s “private, secret” dinner
Merkley and Warren are also preparing to accommodate Trump’s exclusive dinner event. Among the attendees was Chinese billionaire and crypto entrepreneur Justin Sang.
According to the Senator’s plan, Merckley was intended to take part in the protest at a Trump venue, staged by consumer advocacy groups in an alliance with our revolution, a progressive political organisation.
Meanwhile, Warren held a press conference with representatives of Merkley, Sen. Chris Murphy and public citizens requesting that Trump release a guest list for dinner. This is because potential attendees remain anonymous even after several people have purchased Memecoin and declared they own the wallet they had planned to attend.
Murphy described the dinner as a private, secret dinner where individuals with money in the president’s pockets can access him. He added that this is Probably the most corrupt of all corruption.
Furthermore, based on his argument, they were able to pay their way to win the President of the United States and the audience.
The White House did not respond to requests for comment.
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