The once strong momentum for pro-crypto legislation in Washington, bolstered by a supportive Trump administration and new legislative allies, is faltering. Recent actions, including California Rep. Maxine Waters blocking a crypto hearing and a group of nine Senate Democrats demanding amendments to the proposed GENIUS Act, reveal a growing backlash. Additionally, the introduction of Trump's family stablecoin casts a shadow over legislative support. Amidst calls for security measures to prevent misuse, the pathway for the GENIUS Act remains precarious as it heads for a Senate vote.
If Congress is going to supercharge the use of stablecoins and other cryptocurrencies, it must include safeguards that make it harder for criminals, terrorists, and foreign adversaries to exploit the financial system and put our national security at risk.
Trump's [â¦] family owns and operates World Liberty Financial, which debuted a stablecoin this week that immediately shot into the top ten stablecoins by market capitalization.
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