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.