
Eleanor Terrett|May 19, 2025 16:39
🚨NEW: Senate Banking Committee Democrats just dropped a scathing staff analysis of the latest GENIUS Act draft ahead of this evening’s cloture vote.
Staffers describe the latest GENIUS Act draft as a blueprint for ‘Trump crypto corruption’ and Big Tech dominance over digital currencies, urging additional changes to address unresolved issues.
The concerns they cite:
📌 No ban on Trump profiting from his own stablecoin
📌 Lets Elon Musk’s X create “X Money”
📌 Expands loopholes for Tether, aiding terrorists/criminals
📌 No real consumer protections or financial safeguards
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