Senate Minority Leader Chuck Schumer will reportedly back efforts to amend the stablecoin bill to add guardrails against Trump crypto ties.
Though a majority of members of the US Senate voted to advance a bill to regulate payment stablecoins on May 20, high-ranking Democrats are planning to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry.
According to a May 22 Axios report, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley will file an amendment to the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, to block a US president from profiting from stablecoins. The proposed amendment would come after 18 Democrats sided with Republicans in the Senate in voting to advance the bill on May 20 after it failed a procedural vote on May 8.
“Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the highest bidder,” Merkley said in a May 22 X post.
