Crypto Bill Could Change Everything… Except Trump’s Personal Profits

Senate Pushes Landmark Crypto Bill, But Trump’s Crypto Investments Go Unchecked

The U.S. Senate is expected to pass a groundbreaking new law regulating stablecoins—a major step forward for the crypto industry. But there’s one glaring omission: it doesn’t touch President Donald Trump’s growing financial ties to crypto.

The bill, called the GENIUS Act (short for Guiding and Establishing National Innovation for U.S. Stablecoins), would be the first major legislation from Congress to specifically regulate stablecoins—cryptocurrencies pegged to the U.S. dollar or other stable assets. The move signals Washington’s growing acceptance of digital assets after years of hesitation and confusion.

Yet despite its promise, the bill has drawn sharp criticism from Democrats who say it fails to address serious concerns—especially Trump’s private crypto empire, which continues to grow while he campaigns for re-election.

What Is the GENIUS Act

The GENIUS Act aims to bring oversight and stability to the stablecoin market. Stablecoins are widely used in crypto trading and DeFi (decentralized finance), but have long operated in a regulatory gray zone. The bill would:

• Require stablecoin issuers to fully back their tokens with U.S. dollars or short-term Treasury bonds

• Mandate regular audits and transparency reports

• Allow customers to redeem stablecoins at face value

• Define clear rules to prevent fraud and protect consumers

The bill has already cleared a key Senate vote with broad bipartisan support and is now on track for final passage. If successful, it will head to the House of Representatives for further review.

Strong Bipartisan Support—But Democratic Concerns Linger

While 18 Democratic senators joined Republicans in supporting the bill, a majority of Democrats remain opposed.

Senator Angela Alsobrooks (D-Md.), one of the Democrats backing the bill, acknowledged it wasn’t perfect:

“We weren’t able to include everything we would have wanted, but this was a strong bipartisan effort. This is an unregulated area that will now be regulated.”

Senator Tim Scott (R-S.C.), Chair of the Senate Banking Committee and a key sponsor, praised the bill as “the most significant digital assets legislation ever to pass the U.S. Senate.”

But many Democrats, led by Senator Elizabeth Warren (D-Mass.), say the bill overlooks a critical issue: Trump’s direct involvement in the crypto market, including stablecoins.

Trump’s Crypto Empire: The Elephant in the Room

At the heart of the controversy is Trump’s growing financial footprint in crypto.

Trump and his family are heavily involved with World Liberty Financial, a digital asset firm that recently launched its own stablecoin called USD1. Trump has also hosted private dinners with investors in a meme coin branded with his name.

While the GENIUS Act includes a rule banning members of Congress and their families from profiting off stablecoins, it does not apply to the president or their family. Critics argue that this gives Trump a free pass to benefit financially from policies he influences.

Senator Warren warned that the bill could create a “super highway” for corruption:

“It’s a recipe for abuse when the president and his family are allowed to personally profit from an industry that Congress is finally trying to regulate.”

Industry Influence and Political Spending

The crypto industry played a major role in shaping this bill. In the 2024 election cycle, crypto firms were among the top political spenders, pouring millions into campaign donations, ads, and lobbying.

Executives like Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire have praised the GENIUS Act and lobbied hard for its passage. Coinbase even sponsored a major public event in Washington last weekend that also celebrated Trump’s 79th birthday.

The message is clear: the crypto industry sees this legislation as a big win. It offers legitimacy, structure, and a clear path forward—while avoiding friction with the White House.

Next Steps: The Bill Heads to the House

If the Senate approves the bill as expected, it will move to the House of Representatives, where Republicans hold a narrow majority. Lawmakers there may try to attach additional reforms, such as broader crypto market regulation.

That could slow things down—but Trump wants the bill on his desk before the August recess, which is just under two months away.

There’s pressure on both parties to keep the momentum going. Treasury Secretary Scott Bessent recently said the bill could help push the U.S. stablecoin market beyond $2 trillion by 2028.

The GENIUS Act is a historic step in U.S. crypto policy. It promises real oversight, more transparency, and safer conditions for consumers and investors. But it also reveals the political tightrope Congress is walking.

On one hand, lawmakers want to support crypto innovation. On the other, they’re struggling to confront the uncomfortable truth that the sitting president and his family are making millions from the very technology Congress is trying to regulate.

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