The All Sex Casino (2001)crypto industry is celebrating this week as a controversial stablecoin bill dubbed the GENIUS Act advanced to debate in front of the full U.S. Senate.
Earlier this month, an Abu Dhabi investment firm announcedthat it would be making a $2 billion investment in the cryptocurrency exchange Binance using a brand new stablecoin called USD1.
Unlike risky cryptocurrencies with prices that fluctuate wildly and constantly, stablecoins are basically crypto tokens pegged to a more stable asset, like fiat currency such as the U.S. dollar. Crypto companies behind stablecoins typically profit based on interest rather than speculation. According to Fortune, the crypto firm behind USD1, World Liberty Financial, could make around $80 million annually off of a deal like the Abu Dhabi one.
What makes this notable? For one, World Liberty Financial is majority owned by President Donald Trump and his family. Meanwhile, a first-of-its-kind stablecoin bill has just advanced in the Senate. And although some Democrats had hoped the bill would address this type of crypto profiteering from the Trump family, the bill is moving forward regardless.
On Monday, in a 66-32 vote, the U.S. Senate advancedthe GENIUS Act, a bill that sets up the first regulatory framework for stablecoins. In total, 16 Democrats joined the Republican majority to advance the bill. Two Republicans joined the opposing Democrats who voted against it.
Just two weeks ago, the stablecoin bill was shot down by every Democratic senator, which stalled the legislation from moving forward. However, an amendment was added to the bill in an effort to appease some Democrats.
That amendment included new consumer protections and regulatory limits on companies that issue stablecoins. In addition, the amendment also extended ethics standards to special government employees, which would cover Elon Musk and Trump's AI and crypto czar David Sacks, as long as they hold their special government roles.
However, notably absent from the bill is any language that could definitively end President Trump's own crypto and stablecoin dealings.
The bill does include language that would "prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin product during their time in public service.” However, Democrats opposing the bill say that the language doesn't go far enough to address the Trump family's stablecoin endeavors.
Speaking from the Senate floor, Massachusetts Senator Elizabeth Warren said, “It doesn’t have to be this way. A bill that meaningfully strengthens oversight of the stablecoin market is worth enacting. A bill that turbocharges the stablecoin market, while facilitating the President’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all.”
In addition to the new stablecoin investment, Trump's memecoin $TRUMP has nettedhis crypto companies hundreds of millions of dollars in fees. In addition, Trump has offered special access to investors in his memecoin. Memecoins are different from stablecoins and would not be covered under this bill.
While some Democrats will be offering additional legislation to cover Trump's stablecoin project, it's unlikely to pass the Republican-controlled Senate.
Topics Cryptocurrency Donald Trump Politics
Best robot vacuum deal: Eufy Omni C20 robot vacuum and mop at record
The Woman of a Thousand Faces by Zachary Fine
The Queer Crime That Launched the Beats by James Polchin
How I Tried to Be a Good Person by Ulli Lust
Exceptionally rare radio sources detected in the distant universe
Poetry Rx: Remember the Sky That You Were Born Under by Kaveh Akbar
Poetry Rx: Remember the Sky That You Were Born Under by Kaveh Akbar
Souvenir by Lucy Sante
Best portable power station deal: Save 44% on the Jackery Explorer 100 v2
A Cultural History of First Words by Michael Erard
Skype is finally shutting down
Unmapped by Sarah M. Broom
What’s Up with Ancient Greek Epitaphs by Anthony Madrid
Souvenir by Lucy Sante
Best vacuum mop combo deal: Save $140 on the Tineco Floor One S5
Part Love Letter, Part Cookbook by The Paris Review
Staff Picks: Fathers, Fleabag, and the French Toast of Agony by The Paris Review
The Birth of the Semicolon by Cecelia Watson
Today's Hurdle hints and answers for May 12, 2025
Participating in the American Theater of Trauma by Patrick Nathan
Brits are begging Obama to move to the UK and become Prime Minister'Please Like Me' actress posts about her abortion to support Planned ParenthoodDear People Magazine: Please stop pretending the Trump presidency is normalGoogle's first shot at a real VR headset is a normcore missNYT Connections Sports Edition hints and answers for June 18: Tips to solve Connections #268Blac Chyna did the mannequin challenge from the delivery room oh my godListen to Childish Gambino's fervent first single off 'Awaken, My Love!'Dear People Magazine: Please stop pretending the Trump presidency is normalBlac Chyna and Rob Kardashian had their dream babyWhat is 'Grow a Garden?' The Roblox farming simulator exploding in popularityBernie Sanders is prepared to be Trump's 'worst nightmare'Trumpism hangs over the USA vs. Mexico World Cup qualifier like a dark cloudWhite House visit includes mindListen to Childish Gambino's fervent first single off 'Awaken, My Love!'Netflix's leading female characters send letters to their younger selvesFollowing Leonard Cohen on Facebook made it feel like he was your familyHere's a small way to support the vulnerable in Trump's AmericaAmerican Airlines replaces Gogo inThe Microsoft Surface Book is still the best Windows laptop you can buyAaron Sorkin pens impassioned letter to daughter on Trump win Good news: Samsung reportedly knows what ruined the Galaxy Note7 Entrepreneurial woman sells positive pregnancy tests on Craigslist to pay for college This photo of 'Superman' Henry Cavill holding a tree is baffling the internet Hubble spots a roaming black hole light Someone made a gingerbread Big Ben and it's ridiculously realistic Company behind the EpiPen is caught up in another drug price scandal Americans still prefer physical stores, but online shopping continues to grow Camila Cabello quits Fifth Harmony and fans are struggling Technology meets nature in beautiful 'Plant Your Mac' photo series Jimmy Fallon plays virtual reality Pictionary using the HTC Vive Airbnb is getting into the airline booking disruption game with 'Flights' Why are these Tinder's most popular names of 2016? Only Google knows Google's Pixel phones might have a serious audio problem This airline sacrificed a goat on the tarmac before its flight took off 7 reasons why 2016 was a great year for bizarre robbery fails 10 realistic holiday traditions to start with your family this year Showtime orders Season 8 of 'Shameless' Alphabet's Waymo unveils its autonomous Chrysler minivan Honda uses Oculus Rift to bring holiday VR light show to hospitalized children The ultimate guide to sending holiday ecards
2.1923s , 8222.5 kb
Copyright © 2025 Powered by 【All Sex Casino (2001)】,Information Information Network