TLDR
- Senate Democrats Push for Anti-Corruption Rules in Stablecoin Bill
- Trump’s Stablecoin Ties Spark Urgent Call for GENIUS Act Amendment
- GENIUS Act Faces Amendment to Prevent Crypto Conflicts of Interest
- Crypto Dinner With Trump Triggers Ethics Outcry
- Schumer and Allies Demand Transparency in Crypto Legislation
Senate Democrats are preparing to amend the GENIUS Act following growing concern over President Trump’s direct crypto affiliations. Lawmakers want to add safeguards to block presidents and senior officials from benefiting from stablecoin legislation. The push follows news of Trump’s involvement with a crypto platform that could profit from upcoming regulation.
Democrats Call for Anti-Corruption Protections in Stablecoin Bill
Top Senate Democrats will introduce an amendment to the GENIUS Act after 18 Democratic senators voted to advance the bill earlier this week. However, lawmakers aligned with Minority Leader Chuck Schumer now insist that the bill include rules barring officials from profiting off stablecoins. They argue that failing to amend the bill could open the door to political abuse of digital asset policies.
In response, Senators Schumer, Elizabeth Warren, and Jeff Merkley plan to submit an amendment formally following the scheduled recess. The proposed change would prohibit sitting presidents and senior officials from holding, issuing, or profiting from stablecoins during their term. Several Senate Democrats, including Gary Peters and Chris Murphy, have co-sponsored the proposal to reinforce ethical boundaries.
U.S. Senators seek to add amendment to stablecoin bill
A number of U.S. Senators are planning to propose an amendment to the GENIUS Act, a stablecoin regulation bill. Senators @SenSchumer, @ewarren and @SenJeffMerkley are seeking the addition of the amendment, pointing out that…
— CoinNess Global (@CoinnessGL) May 22, 2025
This development follows revelations that Trump and his family are involved in World Liberty Financial, a stablecoin platform. The platform launched a USD1 stablecoin in March, and some lawmakers believe upcoming regulation could personally benefit Trump. As a result, the amendment aims to prevent conflicts of interest that could compromise the integrity of the legislation.
Trump-Linked Crypto Platform Draws Scrutiny Over $2B Investment
World Liberty Financial, a crypto platform tied to Trump and his sons, could benefit from the GENIUS Act if passed unamended. Reports show an Abu Dhabi investment firm will use the platform’s USD1 stablecoin to settle a $2 billion deal with Binance. The transaction may generate fees and indirect profits for Trump’s inner circle if approved.
Democrats argue that such activity directly threatens public trust in financial policymaking. They have called for investigations into the deal and any political influence from it. However, platform co-founder Zach Witkoff dismissed the concerns as unfounded and politically driven.
Despite the pushback, Senate Democrats insist that the legislation should not reward or protect private financial interests. They remain firm in their goal to add transparency and prevent misuse of digital finance tools by elected officials. The amendment aims to address these concerns without undermining the broader objectives of stablecoin regulation.
Meme Coin Dinner Fuels Corruption Allegations Against Trump
A private dinner hosted by Trump at his Virginia golf club sparked more allegations of unethical crypto dealings. The event, limited to major investors in Trump’s meme coin, raised concerns over access in exchange for financial backing. Lawmakers say the event gives the appearance of political favoritism being sold to the highest bidder.
Consumer advocates and progressive groups organized a protest outside the venue to oppose what they call a secretive and corrupt gathering. Senator Merkley joined the demonstration and urged transparency, demanding disclosure of the guest list and wallet owners attending the dinner. Public Citizen, a leading consumer group, supported the protest and called for tighter political ethics rules.
Democrats argue that hosting such private events undercuts the credibility of U.S. leadership and undermines fair governance. They warn that if legislation like the GGENIUS Act passes without safeguards, it could normalize such actions. Consequently, they intend to use the amendment process to establish strict rules and restore public confidence.
