Source: Cointelegraph
Original: “Coinbase Executive: Trump's Relationship with Cryptocurrency 'Presents Certain Challenges for Passing Legislation'”

Coinbase Chief Legal Officer Paul Grewal shared his views on the concerns of U.S. lawmakers and industry leaders regarding President Trump's cryptocurrency business and how these businesses may impact related legislation.

At the Consensus conference in Toronto on May 15, Grewal stated that there have been some "setbacks" in Congress since the Senate Banking Committee voted to advance the "Guidance and Establishment of a National Stablecoin Innovation Act" (GENIUS Act) in March. Although Grewal pointed out that there are "substantive issues" in the bill that need to be addressed, he suggested that Trump's involvement in the industry has become a "complicating factor."

"The discussions about the president supporting certain meme coins and other related activities have indeed added some difficulty for Democrats and Republicans to reach an agreement on how to properly regulate the [spot market], but I believe the Senate and House will ultimately resolve these issues," Grewal stated.

Democrats, including Senator Elizabeth Warren, have explicitly criticized the Trump family's cryptocurrency business World Liberty Financial and its USD1 stablecoin, using this as a reason to oppose the GENIUS Act. However, some supporters of the bill, such as Senator Kirsten Gillibrand, who introduced an earlier version of the bill, indicated that they would remove provisions specifically targeting the president's cryptocurrency business.

Regardless of how the bill's provisions are modified, many lawmakers still expect the Senate to hold another round of voting in the coming days. Punchbowl reported on May 15 that after receiving assurances that concerns regarding consumer protection, anti-money laundering, and national security would be addressed, Democrats "achieved a significant victory."

The House is also considering a draft of the Digital Asset Market Structure Act, which is another version of the FIT21 bill that passed the House in May 2024. Democratic representatives have similarly opposed the bill, citing "Trump's cryptocurrency corruption."

"I think we will learn important information about whether all parties intend to genuinely address all these issues according to the timeline recently set by some leaders in the White House and Congress from the progress of stablecoin legislation in the coming days," Grewal said.

Related: Bitcoin (BTC) Mining 2025: Profitability, Hash Rate, and Energy Trends Post-Halving

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