Washington – The Democrats of the Senate rebel against a bill on cryptographic regulations, putting the first legislation of its kind in danger before a possible key vote on this subject later this week.
The bill, known as Genius Act, would create a regulatory framework for the stabbed, a Crypto-money type linked to the value of an asset such as the US dollar. He left the senatorial banking committee in March with bipartite support, but has since bled democratic support in the midst of concerns concerning President Trump and his family’s business enterprises involving cryptocurrency.
The bill was adopted by the week’s committee before the announcement at the beginning of the month that a company supported by Abu Dhabi will invest billions of dollars in a cryptography company linked to the Trump family, World Liberty Financial. The agreement implies that the company buys $ 2 billion from a stablecoin offered by World Liberty Financial, and use it to invest in an crypto exchange.
The news has triggered alarms for democrats, which now pressure for legislation that prohibits elected officials and their families from buying or selling cryptographic assets, including stablecoins.
Last week, the head of the Senate minority, Chuck Schumer, a New York Democrat, told its members that they should not commit to voting for genius as a means of taking advantage of changes, according to a familiar source with discussions. Talks between Republicans and Democrats on potential changes are underway.
The head of the majority of the Senate, John Thune, a Southern Dakota Republican, reported the opening to the changes, but told journalists on Tuesday “we have to start moving forward”. A procedural vote is expected on Thursday, despite the opposition, and needs at least 60 votes.
Democratic Senator Ruben Gallego de l’Arizona, a member of the senatorial banking committee, said that the stable bill has advanced from the committee with the warning that improvements would be made before it is raised for a ground vote. But the Republicans have advanced without responding to the concerns of democrats on the provisions involving money laundering, national security and consumer protection, said Gallego.
“I think the goal was really to put the Democrats in a bad position and try to force us to vote for that,” Gallego told Meidastouch in an interview published on Wednesday.
“You cannot try to do F *** and say, hey, treat it,” added Gallego. “It just doesn’t work, especially when you still need our votes.”
Some republican senators – meaning. Rand Paul de Kentucky, Josh Hawley of Missouri and John Kennedy of Louisiana – also said that they could vote against the bill for various other reasons.
Democratic Senator Elizabeth Warren from Massachusetts, the main democrat of the Senate Banking Committee, has disseminated an information sheet to all the Democrats in the Senate explaining how she says that the Stable bill is below safeguard against corruption, as well as consumer protection, the financial system and national security.
The main recommendation of the information sheet is that elected officials and their families were not to have, buy, sell or participate otherwise in Stablecoin Business Ventures.
“The Congress writes laws that will increase the value of Stablecoin companies, and the public should know that nobody should make decisions to continue its own financial interests, including the President of the United States. The current version of the Act on Engineering contains no restriction of this type,” he said.
In a statement to CBS News, Warren said: “Democrats who support and oppose the law on engineering agree that Green Lighting Donald Trump, Donald Trump’s stablecoin agreements are wrong. We must make sure to solve this problem in the bill, otherwise the engineering law will simply facilitate the cryptographic corruption of Trump.
The request aligns with a separate bill presented Tuesday by the Democratic Senator Jeff Merkley of Oregon. The bill, entitled End Crypto Corruption Act, would prohibit the president, vice-president, members of the Congress, senior executives of the executive power and their immediate families to benefit financially from cryptographic assets.
“Currently, people who wish to cultivate the influence with the president can enrich him personally by buying a cryptocurrency he has or controls,” said Merkley in a statement. “This is a deeply corrupt program. It endangers our national security and erodes public confidence in the government. Let us finish this corruption immediately.”
The bill is co -packed by 10 other Democrats, including meaning. Kirsten Gillibrand from New York and Angela Alsobrooks from Maryland, who were the original co -workers of the Genius Act.
On Wednesday, Senator Bernie Sanders, an independent of Vermont, will hold a round table with cryptographic experts to highlight the “serious risks” of the Act on Engineering in the American economy.
The Trump family company in cryptographic products has increased its wealth of billions in the past six months, According to a recent reportWhile its administration continues to loosen the regulatory approach of the federal government to the digital currency industry as a whole.
The president crypto Assets now represent almost 40% of its net value – around 2.9 billion dollars. This increase is due in part to His release $ Trump and $ Melania Cornersin addition to a big interest in World Liberty Financiallaunched in October 2024.
In response to the criticism, the spokesperson for the White House, Anna Kelly, told CBS News in a statement that “Trump’s assets are in trust managed by his children, and there are no conflicts of interest”.
“The legislation on differences should be adopted on a bipartite basis.
In a statement to CBS News last week, World Liberty said that Abu Dhabi’s agreement represents “greater investment in a crypto company” and establishes a “historic precedent”. He did not answer questions about the amount of the Trump family to make investment.
Senator Richard Blumenthal, a Connecticut Democrat, is looking for files and documents on the Crypto companies of Mr. Trump of Fight Fight Fight LLC, the company that launched the same corner of Mr. Trump and World Liberty Financial.
The senator sent letters to the two companies on Tuesday to request the files, including communications between the two companies, the Trump organization, the president, his administration and foreign governments.
Cristina Corujo contributed to this report.
