Overview

• Nine Senate Democrats, previously supportive of the GENIUS Act, have withdrawn support, citing concerns about anti-money laundering provisions, foreign issuer oversight, and national security gaps.
• President Trump’s family-backed stablecoin, USD1, was used in a $2 billion deal with an Emirati firm and Binance, intensifying allegations of conflicts of interest and self-enrichment.
• Senate Majority Leader John Thune has confirmed plans for a procedural vote on the GENIUS Act later this week, despite the Democratic defections threatening the bill's 60-vote threshold.
• In the House, Rep. Maxine Waters blocked a joint hearing on crypto legislation, leading Democrats to hold a separate session scrutinizing Trump’s crypto dealings.
• Major crypto industry groups are urging lawmakers to move forward with the GENIUS Act, emphasizing its importance for U.S. dollar dominance and digital financial innovation.