The U.S. Senate is on the verge of passing significant crypto legislation, focusing on the stablecoin-regulation bill. However, some Democrats are demanding that the final discussions include the alleged conflicts related to President Donald Trump.
Supporters of the U.S. stablecoin bill were hoping for a quick conclusion but will extend the debate into another week regarding the oversight of dollar-based tokens that are central to digital asset trading.
A faction of Democrats, including Senators Elizabeth Warren and Chris Murphy, is pushing to amend the bill to prohibit the president and senior officials from engaging in stablecoin business—an issue Trump would already conflict with due to his family’s financial dealings.
“Elected officials have a responsibility to serve the American people — not line their own pockets,” said a group of seven Democrats, including Minority Leader Chuck Schumer, following Trump’s recent private dinner with major investors in his memecoin. “To tackle the blatant corruption of the president and his family, our amendment bars the president, vice president, and senior officials from profiting from any stablecoin venture while in office.”
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Some Democrats, including Kirsten Gillibrand of New York, argue that existing constitutional laws already prevent the president from accepting value from foreign interests, which they claim Trump is violating with his family crypto business. However, Murphy contended that pursuing legal violations under that constitutional clause is much more difficult than establishing a new law with clear consequences.
Senator Bill Hagerty, the Republican from Tennessee supporting the GENIUS Act, expressed optimism about the bipartisan backing for the stablecoin legislation. The bill advanced past a crucial vote needing 60 approvals, with 66 voting in favor, including several Democrats.
The approval vote indicated that a structured debate period was set before the bill faces another hurdle and a final majority vote. The House can either accept the Senate’s work or propose similar legislation for negotiation, potentially leading to further votes.
Murphy mentioned that discussions on the stablecoin issue would continue through next week. He indicated that some fellow Democrats might not support the prior vote if the current discussions fail to address the Trump issue.
Many Democrats voicing concerns over Trump’s memecoin dinner are redirecting the focus of the stablecoin debate toward potential conflicts of interest involving government officials, with Murphy stating that Trump oversees “the most corrupt White House in history.”
“Just because the corruption is visible doesn’t mean it isn’t rampant,” he commented.
In response, Eric Trump recently argued that his family’s crypto ventures bear no connection to the presidency.
White House digital assets adviser Bo Hines remarked that “the president of the United States can’t be bought.”
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