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2mo ago

Crypto Industry Fortifies Political Power as Stablecoin Bill Nears Senate Approval

Bipartisan support in the Senate coalesces around the GENIUS Act, with negotiators weighing ethics amendments to restrict presidential crypto gains

FILE - An advertisement for the cryptocurrency, Bitcoin, is displayed on a building in Hong Kong on Nov. 18, 2021. (AP Photo/Kin Cheung, File)
FILE - The Coinbase logo covers the Nasdaq MarketSite in New York's Times Square, April 14, 2021. (AP Photo/Richard Drew, File)
Sen. Chris Murphy, D-Conn., questions Secretary of State Marco Rubio as he testifies before the Senate Committee on Foreign Relations hearing to examine the President's proposed budget request for fiscal year 2026 for the Department of State on Capitol Hill in Washington, Tuesday, May 20, 2025. (AP Photo/Jose Luis Magana)
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Overview

  • The Senate plans to advance the GENIUS Act this month, marking the first federal framework for regulating dollar-pegged stablecoins.
  • Senate Democrats including Chuck Schumer and Jeff Merkley are drafting amendments to prohibit the president and his family from directly profiting from cryptocurrency.
  • Advocacy groups like Stand With Crypto flooded lawmakers’ offices with over 60,000 emails and hosted Capitol Hill events to bolster support for the legislation.
  • Crypto groups injected more than $130 million into the 2024 congressional elections and Fairshake reports over $116 million earmarked for the 2026 midterm races.
  • President Trump has pursued a pro-crypto agenda by appointing a friendly SEC chair, establishing a national Bitcoin reserve, and launching a presidential memecoin.