Overview

• The Senate cleared a key procedural hurdle Monday to advance the bipartisan GENIUS Act, which would require stablecoin issuers to hold dollar-backed reserves and submit to federal oversight.
• Sen. Elizabeth Warren and other progressives are drafting amendments aimed at preventing President Trump from profiting off digital assets linked to his family’s ventures.
• Critics including Sen. Adam Schiff argue the bill’s framework gives regulators too much discretionary power, risking corruption without detailed, binding guardrails.
• The White House maintains that Trump’s crypto holdings are managed in a trust overseen by his children and asserts there is no conflict of interest.
• Industry leaders and lawmakers stress that prompt passage is vital to sustain U.S. leadership in financial innovation, even as the SEC recently dropped its case against Binance after it listed Trump’s stablecoin.