The GENIUS Act, which has garnered bipartisan support, faces significant opposition primarily due to concerns surrounding potential corruption linked to President Trump's investments in cryptocurrencies. Critics argue that it may allow for favoritism, such as tariff exemptions and pardons, disproportionately benefiting Trump and his affiliates. While some Senate Democrats voted in favor, many opposed the legislation fearing exacerbation of conflicts of interest. Key opponents, like Merkley, have called for stronger anti-corruption measures, but attempts to amend the act were blocked, leading to discussions around its implications for legislative integrity.
Although 18 Democrats helped the GENIUS Act pass in the Senate, most Democrats opposed the law over concerns of Trump's feared conflicts of interest, which they believe could lead to abuse.
Merkley alleged that the Senate passing the bill was essentially "rubberstamping Trump's crypto corruption," emphasizing the lack of anti-corruption measures in the legislation.
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