Supporters of the US Congress’ regulating standard bill will take on another legislative vote in a few days without meeting concerns about President Donald Trump’s financial relationship with the cryptocurrency industry.
Guidelines and establishment of national innovation for US stubcoin or genius law failed to win enough votes in the US Senate on May 8 amid a call from some Democrats to suspend laws related to digital assets until Republicans can address a potential conflict of Trump’s potential interest.
Shortly after the vote, some lawmakers on both parties suggested that they could reconsider the bill as early as this week, but did not agree to a bipartisan path forward.
After the Genius Act failed to advance with a 48-49 vote in the Senate, majority leader John Tune made a motion to reconsider, setting the possibility of a vote on the issue within days. Sources familiar with the issue said that Cointelegraph Republicans who supported the bill were unlikely to fix it.
“(…) This delay is not inherently harmful,” said Liat Shetret, vice president of global policy and regulation at blockchain analytics firm Elliptic. “We can expect the bill to return to the floor. This suspension will allow the parties to clarify the clauses and give them time to address legislators’ concerns.”
The Cedar Innovation Foundation, an organization associated with the Political Action Committee (PAC) fairshake, has issued warning Senate leadership to “avoid political games” and pass Stablecoin Bill “in the coming days.” Fairshake spent more than $131 million to support candidates in the 2024 US election. There are still over 500 days until mid-2026 when many members of Congress stand up for reelection.
On May 12, the Senate resumed review of allegations to consider the Genius Act, and promptly suggested another vote.
Related: The US Treasury Secretary has expressed support for the crypto bill during hearing
Changes to Stablecoin or market structure invoices?
If Senate Republicans reintroduce the bill without change, it is unclear whether there will be enough support to clear the 60-vote majority to avoid a democratic filibuster.
The Trump family’s crypto platform World Liberty Financial and its connection with Stubcoin (USD1) raises concerns of potential corruption and offers Trump’s Memocoin top holders the opportunity to pay to access the president through exclusive dinners and receptions.
“The Republican bill (…) did nothing to address Trump’s conflict and instead voted to hand over the authority that Trump writes the stupid and ridiculous rules for him and his competitors,” said Democrat representative Maxine Waters in a May 6 statement. She blocked the hearing to discuss possible bills in the digital asset market structure, citing concerns about Trump’s “crypto ownership.”
https://www.youtube.com/watch?v=sumyysrjvzm
Democrats have already introduced possible solutions to what is called “the biggest corruption scandal in White House history,” with laws from congressional members, presidents, vice presidents and their families in the Senate, which benefit Mumecoin. Senators Elizabeth Warren and Chris Van Hollen also reportedly asked the president to sell entirely from USD1 before making deals with foreign governments.
The actions of non-partisan state democracy advocates reported in April that Trump’s crypto holdings were worth around $2.9 billion, accounting for 40% of his wealth. This report was made prior to the launch of World Liberty Financial’s Stubcoin. It said the Abu Dhabi-based investment company will use it to settle its $2 billion investment in Vinance. Trump’s sons, Eric, Donald Trump Jr., and Baron, were all listed as “Web3 ambassadors” on the platform.
magazine: Trump’s crypto ventures cause conflicts of interest, insider trading questions
