Democratic lawmakers in Washington are backing off support for crypto legislation amid heightened concerns over corruption, including the conduct of the Trump family’s World Liberty Financial (WLFI).
In March, the GENIUS Act, which would regulate stablecoins in the US, passed a critical committee reading with the support of several pro-crypto Democrats. Democratic Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester, Andy Kim and Angela Alsobrooks voted with Republicans, opposite lead Democrat and prominent crypto critic Senator Elizabeth Warren.
The bill passed the committee only after a number of changes were made, including stricter requirements for stablecoin issuers and provisions for Anti-Money Laundering, countering terrorism financing and risk management procedures.
Now, it seems that even those provisions are insufficient to quell Democratic concerns. Following some high-profile crypto deals that personally enrich President Donald Trump, Congressional Democrats are pulling their support.
Bipartisan efforts on stablecoin bills