Coinbase chief authorized officer Paul Grewal addressed some of the considerations raised by US lawmakers and trade leaders round President Donald Trump’s crypto ventures, and the way they might have an effect on associated laws.
Talking on the Consensus convention in Toronto on Might 15, Grewal stated there had been “hiccups” in Congress for the reason that Senate Banking Committee voted to advance the Guiding and Establishing Nationwide Innovation for US Stablecoins, or GENIUS Act, in March. Although Grewal stated there have been disputes over “substantial points that want to be addressed” within the invoice, he hinted that Trump’s involvement within the trade was a “complicating issue.”
“The dialogue across the president’s assist for a certain memecoin or two and different efforts does add a certain level of problem to the hassle to get Democrats and Republicans aligned on the appropriate manner to regulate the [spot market], however I’ve confidence that the Senate and the Home are going to kind all that out,” stated Grewal.
Democrats together with Senator Elizabeth Warren explicitly known as out the Trump household’s crypto enterprise, World Liberty Monetary, and its USD1 stablecoin in opposing the GENIUS Act. Nonetheless, some of the invoice’s supporters, like Senator Kirsten Gillibrand, who proposed an earlier model of the laws, said they would remove language particularly concentrating on the president’s crypto ventures.
Associated: Democrats seek suspicious activity reports linked to Trump crypto ventures
Regardless of the phrases for modifications to the invoice could also be, many lawmakers nonetheless anticipate the Senate to take up one other vote in a matter of days. Punchbowl reported on Might 15 that Democrats “gained main victories” after receiving assurances that some of their considerations round shopper safety, Anti-Cash Laundering, and nationwide safety safeguards can be addressed.
First stablecoins, then a market construction invoice?
The Home of Representatives can be contemplating draft laws for a digital asset market construction invoice, a totally different iteration of the FIT21 invoice that passed the chamber in Might 2024. Democratic representatives have equally pushed back on the legislation, citing “Trump’s crypto corruption.”
“I feel we’re gonna be taught a lot from the progress we see simply within the subsequent few days on stablecoins on the urge for food to actually sort out all these issues on any schedule that resembles the one which was laid out not way back by the White Home and certain leaders in Congress,” stated Grewal.
Journal: Trump’s crypto ventures raise conflict of interest, insider trading questions
Cointelegraph by Turner Wright Trump’s crypto ties ‘add a certain level of problem’ to passing bills — Coinbase exec cointelegraph.com 2025-05-15 22:10:00
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