Despite the majority of U.S. Senate members voting on May 20, 2025, to pass a bill regulating payment stablecoins, senior Democrats plan to propose amendments to the legislation to address the issue of President Donald Trump's connections to the cryptocurrency industry.
According to an Axios report on May 22, Senate Minority Leader Chuck Schumer, along with Senators Elizabeth Warren and Jeff Merkley, will propose amendments to the "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins" (GENIUS Act), aimed at preventing the U.S. president from profiting from stablecoins. The proposed amendments were introduced after 18 Democrats and Republicans voted to advance the bill in the Senate on May 20, following its failure to pass in a procedural vote on May 8.
"If the GENIUS Act is passed without our anti-corruption amendments, it would mean Congress is giving a stamp of approval for Trump to sell access and influence to the highest bidder," Merkley stated in a post on X on May 22.
Trump and his three sons are involved with the cryptocurrency platform World Liberty Financial (WLFI), which launched the USD1 stablecoin in March. Critics point out that the president could continue to personally profit from legislation that helps classify stablecoins like USD1 as financial instruments in the U.S.
An investment company based in Abu Dhabi has stated that it will use USD1 to settle a $2 billion investment in Binance, effectively allowing the Trump family to profit from transaction fees. Democratic lawmakers have called for an investigation into Trump's connections with the platform, but this request was dismissed as "flawed" by WLFI co-founder Zach Witkoff.
Merkley and Warren also plan to respond to a dinner hosted by Trump at his golf club, which can accommodate up to 220 people, with participants being those who purchase the most of his personal meme coin. Merkley is expected to attend a protest organized by consumer advocacy group Public Citizen in collaboration with the progressive political organization Our Revolution, which will take place outside Trump's event venue on May 22.
Warren, along with Merkley, Senator Chris Murphy, and representatives from Public Citizen, held a press conference calling for Trump to "release the guest list for the dinner event." Although some potential attendees have publicly announced that they are wallet owners of the meme coin and intend to participate, most remain anonymous as of the time of publication.
"What is happening tonight—this private, secret dinner—allows those who put money into Donald Trump's pocket to access him, which may be the most corrupt of all corruptions," Murphy stated, adding:
"They are able to pay for the opportunity to meet with the President of the United States and request favorable national security concessions."
Cointelegraph has reached out to the White House for comment but has not received a response as of the time of publication.
Related: Winning with "Stability"? The GENIUS Act Sets a New Stage for the Dollar in the Digital Age
Original: Senators Plan to Amend GENIUS Act to Address Trump Family Stablecoin Issue
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