Senator Warren Accuses $2B Trump-UAE Agreement of Being Suspect, Advises Against Senate Cryptocurrency Bill Approval
Rewritten Article:
Senator Warren Accuses Trump of "Crypto Corruption"
Here's the scoop on a heated development involving Senator Elizabeth Warren (D-MA) and President Donald Trump's crypto moves.
Elizabeth Warren has branded a potential $2 billion stablecoin deal, linked to Trump and the United Arab Emirates (UAE), as potentially shady, as the Senate considers new stablecoin legislation.
On Twitter, Warren issued a warning, stating, "The Trump family stablecoin, soaring to become the 7th largest worldwide, comes from a sketchy crypto deal with the UAE—a foreign government willing to pour tons of cash into this scheme. The Senate shouldn't vote yes on this crypto bill without putting a stop to this form of corruption."
Trump has defended his crypto push, portraying it as a global race, saying, "If we don’t do it, China will." Despite early resistance from the Biden administration, Trump asserts that millions of Americans support it.
The controversial token, called USD1, was introduced by World Liberty Financial—a firm co-founded by Zach Witkoff, a crypto investor, and Eric Trump, the president's son. The global stablecoin market is currently estimated at more than $245 billion.
In connection with the deal, MGX, an Emirati firm backed by Abu Dhabi's sovereign wealth, plans to invest $2 billion into Binance, the world's leading cryptocurrency exchange, using the USD1 stablecoin as its settlement currency.
The GENIUS Act, a Republican-led bill meant to create the United States' first regulatory framework for stablecoins, has faced resistance due to these controversial ties.
Warren had previously voiced her concerns, claiming that the bill would allow Trump and his family to profit from their own stablecoin while overseeing their financial company. To prevent this, she urged senators to reject the bill unless it incorporates protections against abuse.
Despite bipartisan support, nine Senate Democrats, including some former supporters, have announced they'll oppose the GENIUS Act in its current form. They cited national security risks, insufficient oversight of foreign issuers, and other outstanding issues as their primary concerns.
Warren had attempted to amend the bill to prevent stablecoins from being used for illicit activities and to regulate foreign players. However, these proposals were defeated.
If the bill passes without adequate safeguards, Warren cautioned that it would enable a sitting president to generate personal profits from money tied to foreign governments, potentially causing economic havoc for American citizens.
Warren accused Trump of engaging in money-grabbing schemes instead of fulfilling his promise of lower costs for Americans. Last month, she accused Trump of exploiting crypto legislation to enrich himself, warning that Congress could be facilitating self-enrichment for the president and others like Elon Musk at the expense of the public.
References:
- CoinDesk The GENIUS Act Explained: What’s in the U.S. Stablecoin Bill?
- Fortune New Crypto Bill Officially Unveiled in U.S. Senate
- CryptoNewsZ US Senate Banking Committee Approves Stablecoin Bill – The Genius Act
- The Hill Crypto industry celebrates bipartisan stablecoin bill
- Politico Senate Dems balk at GOP stablecoin bill, paving way for standoff
- Senator Elizabeth Warren, in a heated association with President Donald Trump's crypto moves, has labeled a potential $2 billion stablecoin deal as questionable, given its links to Trump and the United Arab Emirates (UAE).
- The controversial token, USD1, introduced by World Liberty Financial- a firm co-founded by Zach Witkoff and Eric Trump- is at the center of this controversy, with the global stablecoin market currently estimated at over $245 billion.
- MGX, an Emirati firm backed by Abu Dhabi's sovereign wealth, plans to invest $2 billion into Binance, the world's leading cryptocurrency exchange, using the USD1 stablecoin as its settlement currency.
- Warren has voiced concerns about the GENIUS Act, a Republican-led bill aimed at establishing the United States' first regulatory framework for stablecoins, due to its ties with controversial players like Trump and his family.
- Nine Senate Democrats, citing national security risks, insufficient oversight of foreign issuers, and other outstanding issues, have announced their opposition to the GENIUS Act in its current form.
- Warren accuses Trump of engaging in self-enrichment schemes instead of delivering on his promise of lower costs for Americans, particularly in the realm of finance, crypto, decentralized finance, politics, policy-and-legislation, general-news, and crime-and-justice.
