US Senator Intends to Amend GENIUS Act to Limit President's Conflict of Interest in Stablecoins

According to Cointelegraph, Senate Minority Leaders Schumer, Warren, and Merkley plan to propose amending the GENIUS Act to prohibit the President from profiting from stablecoins. This move aims to address the risk that the Trump family may gain economic benefits from the USD1 stablecoin issued through their involvement in the World Liberty Financial platform. Previously, 18 Democratic lawmakers voted in favor of advancing the bill. Democrats criticized this move as "officially recognizing the president selling influence to the highest bidder".