Trump’s Crypto Tie-Ups Cause Trouble for Bipartisan Legislation
Senate Democrats are balking at advancing landmark stablecoin legislation due to President Donald Trump’s increasing personal benefits from his own crypto ties.
Over the weekend, Sen. Ruben Gallego, a Democrat elected to represent Arizona with $10 million in backing from crypto super PAC Fairshake, warned with eight of his colleagues that they would not vote to advance the current version of the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS Act), the Senate’s stablecoin bill. The Senate would need 60 votes to move forward with any legislation.
However, the bigger issue for the crypto industry may be the effect this new fight has on forthcoming market structure legislation. The stablecoin bill should…
