“Why – the obvious benefit of gaining favor, direct or indirect, with the Trump administration – did you select USD1, a newly launched, non -tested cryptocurrency without track record?” The senators asked.
Respondingly, the lawyers of World Liberty Financial claimed that MGX simply invested in 'legitimate financial innovation', CBS News reported and noted that an entity affiliated by Trump has an interest of 60 percent in the company.
Trump has denied misconduct in the MGX deal, ABC News reported. However, Warren fears that the genius law “will offer more opportunities to reward buyers of Trump's coins with favors such as tariff exemptions, grace and government agreements” if it becomes law.
Although Huizers of the bill have reportedly promised to penetrate the bill, so that Trump can sign it in the law by July, the Genius Act will probably have to deal with obstacles. And resistance can not only come from Democrats with constant concern about the potential conflicts of interest of Trump and future presidents – but also of Republicans who think that adopting the bill is meaningless without extra market regulations to stimulate the adoption of Stablecoin more.
DEMS: Opportunities for Trump-Graven are “stunning”
Although 18 Democrats helped the genius law in the Senate, most Democrats opposed the law on concern about Trump's feared conflicts of interest, PBS News reported.
Merkley remains one of the strongest opponents of the Genius Act. In a statement, he claimed that the Senate who takes the bill was “the crypto corruption of Trump was”.
According to Merkley, he and other Democrats insisted to remove the exemption from the Genius Act before the Senate voice Die adds “strong anti-corruption measures”. “But Senate Republicans” blocked his efforts to keep votes on anti -corruption measures. Instead, “they rammed through this fatal defective legislation without taking changes to the Senate floor – despite promises of an open amendment process and debate for the American people,” said Merkley.
In the end it continued with the exemption intact, which Merkley considered 'deep corrupt', promising, 'I will continue to fight to prohibit crypto-corruption in Trump style to prevent the sale of government policy by chosen federal officials in the congress and the White House.'
