Progressive Groups Marshal Opposition To Crypto Bill
HuffPost
The Senate is about to pass crypto-friendly legislation, the same week President Donald Trump rewards his biggest crypto buyers with a private dinner.
WASHINGTON — Progressive groups are rallying opposition to an industry-backed crypto bill on the verge of passing the Senate thanks to Democratic support.
The Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act, had been on a glide path toward Senate passage earlier this month until the Democrats supporting it balked because of President Donald Trump’s brazen use of crypto to enrich his family.
After a failed vote, the GENIUS Act’s backers regrouped and adjusted the text, and now the Senate is poised to pass the bill this week, with a procedural vote as soon as Monday evening.
Progressive groups, including Indivisible and Americans for Financial Reform, have been circulating petitions in opposition to the bill, and a new organization called Democracy Defenders Action, led by former White House counsel Norm Eisen, is warning senators to vote no.
“As drafted, the GENIUS Act would enact a regulatory framework for the issuance and regulation of stablecoins,” Eisen and DDA director Virginia Canter wrote in a Friday letter obtained by HuffPost. “Yet, it does not address President Trump’s massive conflicts of interest arising from stablecoins issued by a company in which he and his family have a large financial stake.”
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