Democrats Find Crypto Too Corrupt to Collaborate on for the Moment
As we’ve been covering at the Prospect, the crypto industry has been angling to cash in the rewards it earned after bankrolling dozens of politicians in their 2024 campaigns. In the Senate, a handful of Democrats teed up the first effort in this payback by endorsing a bill called the GENIUS Act purportedly intended to regulate stablecoins, which are digital assets pegged to the U.S. dollar, used mostly to facilitate crypto trades.
But a funny thing happened on the way to the bill-signing ceremony. Some might call it corruption, at the highest levels of the presidency. As a result, most of those Democrats have backed off, at least for now. That includes one of the two Democratic co-sponsors of the GENIUS Act, Sen. Angela…
