Lawmakers Seek to Prevent Trump from Profiting from the Passage of the GENIUS Act
In the world of cryptocurrencies, President Trump's involvement has sparked a wave of debate and concern among lawmakers and ethics watchdogs. Despite the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) being signed into law in July 2025, as of August, there is no publicly reported amendment specifically targeting Trump’s ties to the cryptocurrency sector.
Democratic concerns over potential conflicts of interest related to Trump's crypto ventures have been voiced, but have yet to translate into a formal amendment within the GENIUS Act itself. Instead, broader crypto market structure legislation, like the CLARITY Act and anticipated Senate bills, are moving through Congress with bipartisan support, but without a publicized Trump-focused amendment.
Senate Minority Leader Chuck Schumer, along with Senators Jeff Merkley and Elizabeth Warren, are preparing to introduce an amendment to the GENIUS Act in the Senate, aimed at preventing the U.S. president and other officials from financially benefiting from stablecoins. The proposed amendment is expected to address the ethical and regulatory issues surrounding Trump's ties to the cryptocurrency sector.
The President's growing ties to the cryptocurrency sector extend to the $TRUMP meme coin and World Liberty Financial (WLFI). The private dinner associated with the $TRUMP meme coin was hosted at one of Trump's properties, and top crypto investors reportedly paid upwards of $1 million for a seat at this exclusive event.
The venture surrounding the $TRUMP meme coin has drawn millions in investment and has sparked debate over potential conflicts of interest due to Trump's political involvement. Critics argue that the Trump-linked $TRUMP meme coin blurs the line between political fundraising and personal enrichment.
Senator Mark Warner has emphasized that Democrats should back the GENIUS Act despite concerns over the Trump family's potential ties to the crypto industry. However, the group of Democratic senators voicing concerns maintain that the GENIUS Act should not advance through the Senate without the proposed amendment addressing those issues. Senator Jeff Merkley stated that passing the GENIUS Act without the proposed anti-corruption amendment would stamp a Congressional seal of approval on Trump selling access and influence to the highest bidder.
Critics warn that Trump could stand to gain financially from any future legislation that formally classifies stablecoins, such as the USD1 stablecoin launched by WLFI this year, as regulated financial instruments in the United States. As the debate continues, it is clear that President Trump's ties to the cryptocurrency sector will remain under close scrutiny.
- The growing crypto ties of President Trump, encompassing ventures like the $TRUMP meme coin and World Liberty Financial (WLFI), have been under the microscope due to potential conflicts of interest, as demonstrated by the private dinner at one of his properties, which top crypto investors paid upwards of $1 million to attend.
- Despite the passing of the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) in July 2025, concerns over Trump's crypto ventures and potential conflicts of interest remain unaddressed in the legislation.
- In an effort to tackle these concerns, Senate Minority Leader Chuck Schumer, along with Senators Jeff Merkley and Elizabeth Warren, are planning to introduce an amendment to the GENIUS Act in the Senate, aiming to prevent U.S. officials, including the President, from financially benefiting from stablecoins.
