PANews reported on May 5 that according to Cryptonews, U.S. Senator Elizabeth Warren recently publicly called on the Senate to suspend deliberations on a key digital asset (stablecoin) regulatory bill (such as GENI USAct) due to concerns that the bill may involve potential conflicts of interest related to the family of current President Trump.
Warren specifically pointed out that a U.S. dollar stablecoin project operated by the Trump family business World Liberty Financial was related to a $2 billion deal with the UAE investment company MGX. MGX allegedly planned to use the stablecoin to assist it in completing its investment in the cryptocurrency exchange Binance. Warren called it a "suspicious crypto deal" that may involve a foreign government providing huge funds to the Trump family.
Meanwhile, the GENIUS Act, which aims to establish a federal regulatory framework for stablecoins, is facing a legislative deadlock in the Senate. Due to differences over the amendments proposed by the Republicans (especially in terms of anti-money laundering and systemic risk), several Democratic senators expressed opposition, which hindered the bipartisan negotiations. The conflict of interest concerns raised by Warren undoubtedly added more variables to the future of the bill.
