The post Trump’s crypto ventures complicate path for landmark stablecoin legislation appeared on BitcoinEthereumNews.com.

Senate Democrats, led by Sen. Gallego, signaled opposition to advancing the current stablecoin (GENIUS Act) bill. Concerns stem from President Trump’s increasing personal financial ties to crypto ventures (memecoin, family-linked stablecoin). The legislative stall threatens not only the stablecoin bill but also progress on broader crypto market structure rules. The path forward for landmark stablecoin legislation in the US Senate has hit a significant snag, as key Democratic lawmakers express reservations linked directly to President Donald Trump’s growing personal and financial connections within the cryptocurrency industry. What was recently seen as a bipartisan effort now faces political headwinds, potentially delaying not only stablecoin rules but also broader market structure legislation for the digital asset sector. Over the weekend, a group of nine Senate Democrats, led by Senator Ruben Gallego of Arizona, signaled they would oppose advancing the current version of the main stablecoin bill, known as the Guiding and Establishing National Innovation for US Stablecoins of 2025 (GENIUS Act). Their unified stance raises immediate procedural hurdles, as Senate rules typically require 60 votes to overcome filibusters and move legislation forward. Gallego, notably elected with substantial backing ($10 million) from the crypto-focused super PAC Fairshake, now leads the charge expressing concerns. While the senators’ public statement cited the need for stronger provisions on critical issues like anti-money laundering, national security, and consumer protection, sources suggest deeper concerns related to President Trump’s potential personal financial gains from the crypto space are driving the hesitation. In a report, CoinDesk confirmed that Senate Minority Leader Chuck Schumer had privately urged Democrats to withhold support during a caucus meeting last week, predating Gallego’s public announcement. Axios first reported this internal division. Trump’s crypto ventures raise red flags Two recent developments appear to have particularly crystallized Democratic concerns. First, President Trump announced plans for a dinner…

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Filed under: News - @ May 6, 2025 3:29 am