The U.S. Senate will hold a final vote on the stablecoin bill GENIUS, while controversies arise regarding the Trump family's encryption connections.

GateUser-6433627c · 2025-06-16T22:00:28+00:00

The U.S. Senate will vote this Tuesday to pass the "U.S. Stablecoin National Innovation Act" (GENIUS Act), which requires that stablecoins be fully backed by liquid assets and restricts issuance by non-financial companies. Related conflicts of interest have been raised due to the Trump family's encryption project.

GateUser-6433627c

2025-06-16 22:00:28

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[The U.S. Senate will hold a final vote on the stablecoin bill GENIUS, Trump family encryption ties spark controversy] The U.S. Senate will conduct a final vote on the “U.S. Stablecoin National Innovation Act” (GENIUS Act) this Tuesday. The bill requires stablecoins to be fully backed by liquid assets such as the U.S. dollar and prohibits non-financial companies like Meta and Amazon from issuing stablecoins. The bill has previously raised concerns due to the Trump family’s encryption project and has now included provisions restricting government officials from participating in the issuance. Although the Trump family’s business is not directly under the bill’s constraints, the related conflicts of interest have still sparked political divisions.

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