Trump’s grifts are causing problems with crypto legislation. Dem Senators mounted unanimous opposition to the GENIUS Act stablecoin bill after Trump’s $2 billion deal. Some Congresspeople are calling for new legislation to limit officeholders’ crypto involvement.
![Some Democrats cited corruption as their reason for opposing the bill. Others, like crypto-backed Ruben Gallego (D-AZ), said they merely opposed it because the vote was premature, and they hadn’t reviewed a final version with Democrat-negotiated amendments.36 The two Republicans who voted against the bill were Josh Hawley (MO) and Rand Paul (KY). Hawley said he wanted prohibitions against big tech firms issuing stablecoins;37 Paul’s concerns were rooted in fears that the regulations might stifle the crypto industry.38 Majority leader John Thune (R-SD) switched his vote to oppose the bill for procedural reasons, allowing him to reintroduce it later. Republicans were furious at the bill’s failure, with Banking Committee Chair Tim Scott (R-SC) threatening “painful” political consequences for the Democratic Senators.39 Senator Bill Hagerty (R-TN) accused Democrats of “unilaterally ced[ing] American leadership capability in the digital asset industry to the CCP because they fear the far-left radicals of their party”.40
House opposition
In the House, Democrats led by Maxine Waters (CA) blocked a hearing on digital assets and the FIT21 crypto market structure bill, instead opting to convene their own discussion about President Trump’s crypto conflicts of interest. Waters demanded a change to the legislation to prevent presidents and Congresspeople from owning cryptocurrency firms or cryptocurrencies themselves.41 Representative Torres (D-NY) has separately announced he plans to int](/proxy/post_attachment/496774/59fb322078.png "Some Democrats cited corruption as their reason for opposing the bill. Others, like crypto-backed Ruben Gallego (D-AZ), said they merely opposed it because the vote was premature, and they hadn’t reviewed a final version with Democrat-negotiated amendments.36 The two Republicans who voted against the bill were Josh Hawley (MO) and Rand Paul (KY). Hawley said he wanted prohibitions against big tech firms issuing stablecoins;37 Paul’s concerns were rooted in fears that the regulations might stifle the crypto industry.38 Majority leader John Thune (R-SD) switched his vote to oppose the bill for procedural reasons, allowing him to reintroduce it later. Republicans were furious at the bill’s failure, with Banking Committee Chair Tim Scott (R-SC) threatening “painful” political consequences for the Democratic Senators.39 Senator Bill Hagerty (R-TN) accused Democrats of “unilaterally ced[ing] American leadership capability in the digital asset industry to the CCP because they fear the far-left radicals of their party”.40
House opposition
In the House, Democrats led by Maxine Waters (CA) blocked a hearing on digital assets and the FIT21 crypto market structure bill, instead opting to convene their own discussion about President Trump’s crypto conflicts of interest. Waters demanded a change to the legislation to prevent presidents and Congresspeople from owning cryptocurrency firms or cryptocurrencies themselves.41 Representative Torres (D-NY) has separately announced he plans to int")
@molly0xfff re "rather than addressing it directly through impeachment", that didn't work out too well during Trump 1.0, sadly. The guy wasn't kidding when he said he could shoot someone in the middle of Fifth Avenue and get away with it
@funcrunch indeed, and i’m sure they’d have trouble now too, but it still just feels silly to say “well we’re writing a law to say you can’t break the law!”