GENIUS Act: When senate bypassed Trump's crypto ties; bill regulates stablecoins
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In a major step towards crypto regulation, the US Senate on Tuesday approved the GENIUS Act — a bill focused on stablecoins — by a strong 68–30 vote.
The bill Guiding and Establishing National Innovation for US Stablecoins, sets clear rules and consumer protections for stablecoins — a type of cryptocurrency tied to the US dollar — which have so far operated with little oversight.
However, critics pointed out that the bill includes a ban on Congress members and their families from profiting off stablecoins, but leaves out the president and their family — a gap that drew attention as Trump continues to earn from crypto deals.
Bipartisan support
The bill required only a simple majority to pass on Tuesday, after already clearing a key procedural vote last week with a 68–30 margin.
The legislation received support from 18 Democratic senators who crossed party lines to join Republicans who have a thin majority in the Senate.
Two Republicans, Josh Hawley and Rand Paul, however, voted against the bill. It now heads to the House of Representatives for possible changes.
The bill faced a setback in early May when a group of Senate Democrats who had earlier backed it changed their position and voted to block its progress. This led to fresh negotiations between Senate Republicans, Democrats, and the White House, resulting in the final compromise version.
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Senator Angela Alsobrooks, a Democrat and co-sponsor, called it 'a good bipartisan effort' to bring regulation to an unregulated area.
Trump's crypto stakes
According to a financial disclosure released on Friday, Trump earned $57.35 million in 2024 from token sales linked to World Liberty Financial. A meme coin associated with him has reportedly generated about $320 million in fees, though those profits are shared among several investors.
Last month, Trump also held a closed-door dinner at his Virginia golf club with key investors backing a meme coin branded in his name. His family also owns a major stake in World Liberty Financial — a crypto firm that recently launched its own stablecoin, called USD1.
Trump's private events on 22 May, held to reward top buyers of the $Trump token, have drawn sharp criticism from ethics watchdogs, former prosecutors, and legal scholars, who accuse him of using his office for personal profit in ways not seen before, according to The Guardian.
'Self-enrichment is exactly what the founders feared most in a leader – that's why they put two separate prohibitions on self-benefit into the constitution,' said former federal prosecutor Paul Rosenzweig.
Senator Elizabeth Warren, D-Mass, a leading voice on the Senate Banking Committee, strongly criticised the bill, calling it a 'super highway' for Trump's corruption, as quoted by PBS News.
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