Warren Criticizes GENIUS Act Over Trump-Linked Stablecoin Deal

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2025-05-05 10:27:01

Senator Elizabeth Warren has launched a sharp critique of the GENIUS Act, a bipartisan bill designed to regulate stablecoins, following allegations of a controversial deal involving a Trump-affiliated firm and the United Arab Emirates. Warren claims the arrangement propelled the USD1 stablecoin to become the seventh-largest in the market.

The senator has called on the Senate to reject the bill, citing potential corruption and foreign influence. Her remarks on social media platform X highlighted concerns over what she described as a "shady crypto deal" that could funnel significant funds to the Trump family.

The GENIUS Act, once broadly supported by both parties, now faces heightened scrutiny as lawmakers grapple with the implications of its regulatory framework amid these allegations.

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