Donald Trump's ambition to become the 'crypto president' has hit a major roadblock with the U.S. Senate's decision to halt progress on the GENIUS Act, designed to regulate stablecoins effectively. The bill faced criticism for failing to address critical issues, and Trumpâs financial interests in the crypto sector have raised concerns about conflicts of interest. His involvement in cryptocurrency ventures through his family has led critics to label him as lacking neutrality, thus potentially complicating the broader adoption and regulation of digital currencies.
The unexpected collapse of the GENIUS Act, designed to regulate dollar-pegged stablecoins, signals significant challenges in achieving consensus for cryptocurrency regulations in the U.S.
Concerns around Trump's financial ties to the cryptocurrency industry raise questions about impartiality in policymaking, leading many to criticize him for self-dealing in the crypto space.
Collection
[
|
...
]