If American lawmakers don’t shape it, others will — and not in ways that serve our interests or democratic values.”Warren says bill won’t stop Trump’s “crypto corruption”Democratic Senator Elizabeth Warren, a longtime crypto skeptic, was one of the strongest opponents of the stablecoin bill, arguing before the vote that it failed to address Trump’s “blatant crypto corruption.”Trump and his family have recently launched various crypto projects, which include memecoins, a crypto platform, a crypto mining company that plans to go public and a stablecoin that has quickly grown to be the seventh-largest by value, CoinGecko data shows.”Trump and his family have already pocketed hundreds of millions of dollars from his crypto ventures, and they stand to make hundreds of millions more from his stablecoin, USD1, if this bill passes,” she said.
Source: US SenateSeveral Democratic senators withdrew support for the bill on May 8, blocking a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s crypto ventures and the bill’s Anti-Money Laundering provisions.
The US Senate has voted to advance a key stablecoin-regulating bill after Democratic senators blocked an earlier attempt to move the bill forward over concerns about President Donald Trump’s sprawling crypto empire.
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Author / Journalist: Cointelegraph by Brayden Lindrea
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