US Senator Elizabeth Warren urges colleagues to reject stablecoin regulation bill

US Senator Elizabeth Warren is calling out the proposed stablecoin regulation bill (GENIOUS Act), arguing that its approval could personally enrich President Donald Trump and his family. She pointed to a recent $2 billion deal between a UAE-based company and World Liberty Financial (WLF)—a firm co-founded by Trump’s son, Eric—as a potential evidence.

WLF’s USD1 stablecoin has already surged to the seventh place in market cap rankings, CoinGecko reports.

Warren urges the Senate to reject GENIOUS Act, warning it paves the way for foreign interference and fraud. Nine Democratic senators have already opposed the bill, citing national security concerns.

Trump defends his crypto initiatives as a competitive move against China, claiming millions of Americans support his approach.

Amid ongoing political debates, the crypto market remains under scrutiny from regulators. Bitcoin and other digital assets continue to be influenced by US government decisions, according to Decrypt.