Summary
- The US Democratic Party reported that it intends to add anti-corruption provisions to the Genius Act to prohibit revenue generation from stablecoins.
- This measure is intended to prevent President Trump from generating revenue through stablecoins and selling access to himself.
- The Democrats have consistently pointed out potential conflicts of interest in cryptocurrency businesses related to President Trump and are demanding the disclosure of related information.
The US Democratic Party is adding anti-corruption provisions to the Genius Act (Stablecoin Act), which recently passed the first hurdle in the US Senate.
According to Cointelegraph on the 22nd (local time), the Democrats plan to introduce an amendment to the Genius Act soon. The core of the amendment is to prohibit the US President from generating revenue through stablecoins. US Senator Jeff Merkley stated on X, "Passing the Genius Act without anti-corruption provisions is like Congress approving President Trump selling access to himself to the highest bidder."
The Democrats have consistently pointed out potential conflicts of interest in the cryptocurrency business of the Trump family, World Liberty Financial (WLFI). The Democrats also insist that the guest list for private dinners held for top holders of Official Trump (TRUMP) should be disclosed. Senator Merkley noted, "Attendees of the Official Trump dinner could buy a meeting with the US President and request national security-related matters favorable to their country."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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