Shortly
- Senator Elizabeth Warren calls a deal between a Trump-connected stablecoin and uae firm “shady.”
- Warren added that the GENIUS Act allows the president to benefit from crypto linked with foreign governments.
- She has asked senators to reject the bill until it contains safeguards that prevent abuse.
U.S. Senator Elizabeth Warren (D-MA) has reissued warnings about President Donald Trump and his family's ties to the crypto industry, cautioning that a recent $2 billion deal backed by the United Arab Emirates could pave the way for “corruption” if the Senate passes new stablecoin legislation.
“The Trump family stablecoin surged to 7th largest in the world because of a shady crypto deal with the United Arab Emirates—a foreign government that will give them a crazy amount of money,” Warren Twitter Monday. The Senate should not pass a crypto-bill this week in order to encourage this type of corruption.
Trump defends his crypto push as a race in geopolitics, stating, “If China does it, we will.” He also claims that millions of Americans are behind it, despite the opposition expressed by Biden’s administration.
The Massachusetts Senator was referring USD1The newly-launched Unstablecoin The currency is backed by U.S. Treasury bills and issued by World Liberty Financial. This company was founded by Zach Witkoff, the crypto-investor and son of President Trump.
According to CoinGecko, the global stablecoin industry is currently worth $245 billion and USD1 ranks seventh. Most tokens are backed by U.S. Treasury bills and other debt instruments.
World Liberty's USD1 is expected to serve as the settlement currency for MGX's $2 billion investment into Binance, the global crypto exchange.
MGX was founded by an Emirati and is backed up by Abu Dhabi’s sovereign funds. Witkoff announced the deal publicly last week at a crypto-convention in Dubai while seated next to Eric Trump.
Warren’s latest warning included a video. Meet the Press moderator Kristen Welker Asking Trump has been asked whether his or family members are making money in the crypto sector.
Trump said, “I don’t know.” He continued, “If the stock price goes up because I have stock and do well, it’s my profit.”
Stablecoin bill hits resistance
Warren Share This Article Last week is a reference to last GENIUS ActThe Republican-led legislation would create the U.S.’s first regulatory framework for stablecoins.
Warren criticised the Senate for its inaction. She said that the crypto-deal involving Trump “looks and smells” like corruption. Warren warned lawmakers not to stop it because they are “greenlighting this grift,” by pushing the legislation forward.
Bill Hagerty, R-TN (Senator) sponsored the bill The following is a list of the most recent and relevant articles. The Senate Banking Committee has bipartisan support in March and it is expected that a vote on the floor will be held this week.
The same as Politico First, reported Nine Senate Democrats, among them four senators who voted in favor of the bill when it was in committee, have now announced that they oppose its current version.
In a joint statement, they said that the bill still “has numerous issues to be addressed,” such as national security concerns and inadequate oversight of foreign issuers.
Warren tried to amend the legislation to ban stablecoins that are used to commit crimes, and to impose supervision on foreign companies.
However, her plans were rejected. “If we do not fix this bill,” she said, “then every senator must vote no—or risk aiding and abetting Trump’s corruption.”
Warren warned the GENIUS Act would, if it was not passed, allow a sitting President to benefit personally from financial instruments that are used by other governments.
She stated that Donald Trump “promised lower costs to the American public.” He’s instead running scams in order to increase his own wealth and ruin the economy of everyone else.
Warren The president is accused of “using crypto legislation as a grift” to enrich himself, warning that Congress has paved the way for Trump and others, like Elon Musk “to control your money.”
Sebastian Sinclair edited the book
