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On May 20th, a majority of the US Senate voted to advance the GENIUS Act, aiming to regulate payment stablecoins. However, high-ranking Democrats are countering with an amendment to address President Trump’s alleged conflicts of interest within the cryptocurrency industry. Senate Minority Leader Chuck Schumer, along with Senators Elizabeth Warren and Jeff Merkley, plan to introduce this amendment, specifically targeting the president’s ability to profit from stablecoins.
Their proposed amendment seeks to prevent a US president from personally benefiting from legislation that recognizes stablecoins as financial instruments. This action follows the May 20th Senate vote, where 18 Democrats joined Republicans in advancing the GENIUS Act after a previous procedural vote failed on May 8th. Senator Merkley criticized the advancement of the bill without the anti-corruption amendment, stating it would imply Congressional approval of Trump’s alleged “selling of access and influence.”
The crux of the Democrats’ concern lies with President Trump, his three sons, and their involvement in World Liberty Financial (WLFI), the issuer of the USD1 stablecoin launched in March. Critics highlight the potential for the president to profit from transactions facilitated by USD1, citing an Abu Dhabi-based firm’s reported use of USD1 to settle a $2 billion investment in Binance. This, they argue, would allow the Trump family to profit from transaction fees. While WLFI co-founder Zach Witkoff dismissed previous investigations as “flawed,” Democratic lawmakers are pushing for further investigation.
Beyond stablecoins, Democrats are also addressing Trump’s private dinner for high-value purchasers of his personal memecoin. Senators Merkley and Warren, along with Senator Chris Murphy, held a press conference demanding the release of the guest list. They expressed deep concern over the potential for quid pro quo arrangements, suggesting that attendees paid for access to influence national security decisions. While some attendees have publicly identified themselves, many remain anonymous. The White House has not yet responded to requests for comment. The situation underscores growing concerns about conflicts of interest and potential insider trading surrounding President Trump’s crypto ventures.
