Senate Set to Pass Crypto Bill: What Trump’s Investments Mean for the Future of Cryptocurrency

WASHINGTON (AP) — The Senate is set to approve new legislation on stablecoins, a type of cryptocurrency that is tied to the U.S. dollar. This could be the beginning of a wave of crypto laws that aim to legitimize the industry and protect consumers.

This bill, known as the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), has gained traction as 18 Democratic senators have joined Republicans to support it. If it passes, it will be another bipartisan measure to move through the Senate this year, following immigration reforms earlier.

However, many Democrats are not on board. They voice concerns that the bill overlooks issues tied to former President Donald Trump’s interests in crypto. Senator Angela Alsobrooks from Maryland remarked, “This is an unregulated area that will now be regulated.”

The GENIUS Act aims to implement rules and consumer protections for stablecoins. Although it’s expected to pass easily, it encountered unexpected pushback. A notable provision bans Congress members and their families from profiting off stablecoins, though it doesn’t cover the president and his family.

Trump has been involved in the crypto world, hosting a dinner with investors linked to his meme coin. Reports indicate he earned $57.35 million from a project called World Liberty Financial, which launched its own stablecoin, USD1.

Treasury Secretary Scott Bessent is optimistic, suggesting that, if successful, U.S. stablecoin market could exceed $2 trillion by 2028. Meanwhile, Brian Armstrong, CEO of Coinbase, praised the bill as a crucial step for the industry.

The legislation highlights a bipartisan effort, with both sides acknowledging its potential impact. Tim Scott, the chair of the Senate Banking Committee, called it the most significant digital asset legislation to date.

Yet, concerns persist about potential conflicts of interest, particularly regarding Trump. Senator Elizabeth Warren has been vocal about this, suggesting the bill might create a “super highway” for corruption and enable tech giants to issue their own stablecoins.

If the Senate passes this legislation, it still needs approval from the closely divided House. There, lawmakers could introduce additional measures that complicate its passage. Trump has expressed urgency for the bill to reach his desk before Congress breaks for its August recess.

In recent months, the crypto landscape has seen significant changes. For example, a CoinDesk survey found that 28% of Americans now own some form of cryptocurrency. This uptick illustrates a growing interest in digital assets, making the stakes even higher for regulators. As experts reflect on past legislation, it’s clear that the need for comprehensive and clear guidelines for cryptocurrencies is more important than ever.

For further details on the legislation and its potential implications, check out the report by the [U.S. Treasury](https://home.treasury.gov/policy-issues/currency-issues).

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Donald Trump, Angela Alsobrooks, Legislation, Cryptocurrency, Scott Bessent, Elizabeth Warren, Tim Scott, District of Columbia, United States Senate, General news, U.S. Democratic Party, Government and politics, Brian Armstrong, United States government, Washington news, Business, Politics