WASHINGTON – On Thursday, the U.S. Senate is expected to hold a procedural vote to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act—a controversial bill championed by crypto giant Coinbase and other deep-pocketed industry players.
The legislation, which has raised alarm bells among ethics watchdogs and democracy advocates, claims to set the first nationwide rules for regulating payment stablecoins—cryptocurrencies that aim to maintain a stable value by being pegged to real-world currencies like the dollar.
Joseph Geevarghese, Executive Director of Our Revolution—the nation’s largest independent political organizing group founded by Sen. Bernie Sanders in 2016—issued the following statement slamming the bill ahead of tomorrow’s anticipated vote:
“After seizing the mantle of top corporate political spender in the 2024 election, Big Crypto wasted no time using the influence it bought on Capitol Hill to ram through this laughably weak and toothless regulatory bill—a sham crafted by cryptocurrency giants that is certain to line the pockets of the Trump family’s crypto empire.
“This is corruption and self-dealing on an unprecedented scale. And let’s be clear: Democrats are fully complicit in the grift, with Senator Kirsten Gillibrand (D-NY) leading the charge as the bill’s original sponsor. We call on every senator who still gives a damn about democracy to shut down this outright sellout to the cryptocurrency industry.”
Tomorrow’s expected vote follows alarming news that World Liberty Financial—the Trump family’s crypto venture—secured a staggering $2 billion investment from MGX, a firm controlled by the ruling family of the United Arab Emirates.
The proposed legislation is riddled with glaring regulatory gaps, including a complete failure to prevent lawmakers—like President Trump—from profiting off stablecoin ventures that could attract investment (and potential bribes) from corporations and foreign governments. The legislation also fails to ban Big Tech companies and other non-banking institutions from launching their own private currencies.
Our Revolution will reclaim democracy for the working people of our country by harnessing the transformative energy of the “political revolution.” Through supporting a new generation of progressive leaders, empowering millions to fight for progressive change and elevating the political consciousness, Our Revolution will transform American politics to make our political and economic systems once again responsive to the needs of working families. Our Revolution has three intertwined goals: to revitalize American democracy, empower progressive leaders and elevate the political consciousness.
This article was originally published on Common Dreams and republished here, with permission, under a Creative Commons license. Learn more about third-party content on ZanyProgressive.com.
