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Sen. Elizabeth Warren of Massachusetts will take to the Senate floor on Monday to push back against a major stablecoin bill, arguing that the legislation could instead benefit President Donald Trump and his family’s cryptocurrency business ventures.
Warren, a former Democratic presidential candidate and the ranking member of the Senate Banking Committee, is on the opposing side of the so-called GENIUS Act, a bill intended to regulate stablecoins — a type of currency whose value is tied to another asset.
“The GENIUS Act will accelerate Trump’s corruption by supercharging the size of the stablecoin market and the reach and profitability of USD1,” the lawmaker will say in a Senate speech. “For the first time in American history, it also makes our president — Donald Trump — the regulator of his own financial product.”
“Congress should not be making it even easier for him to line his pockets with even more shady crypto cash,” the remarks continue to say. “If Congress does not fix this issue here, today, then it will be aiding and abetting his corruption every time President Trump’s stablecoin is used to finance a corrupt deal.”
The stablecoin bill once had a bipartisan veneer, with Democrats joining Republicans in backing the legislation. But the bill has fallen out of favor with Democrats in the wake of Trump’s crypto ventures, including the launch of his own meme coin in January and an upcoming dinner for his coin’s top 220 investors.
The top 25 holders of the meme coin are set to attend a reception and a VIP White House tour.
In Warren’s remarks, she also contends that the legislation could “directly lead to the next financial meltdown.”
Before her 2012 election to the Senate, Warren conceived of the Consumer Financial Protection Bureau, the independent consumer protection agency that the White House DOGE office has sought to dismantle since the beginning of the year.
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