The Senate is poised to pass the GENIUS Act on Tuesday, according to Benzinga. It would be the chamber’s first major legislation to regulate stablecoins, a type of cryptocurrency typically tied to the U.S. dollar. The GENIUS Act would create consumer protections for stablecoins and stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.” The bill bans members of Congress and their families from profiting off stablecoins but excludes the president and his family, despite Trump’s crypto ties. Trump recently hosted investors in a Trump-branded meme coin at a private dinner at his golf club. His family holds a major stake in World Liberty Financial, which launched its own stablecoin. Most Democrats oppose the bill, citing unresolved concerns over Trump’s crypto interests.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Senate is poised to pass the Genius Act on Tuesday, according to Benzinga.
00:06It would be the chamber's first major legislation to regulate stablecoins,
00:09a type of cryptocurrency typically tied to the U.S. dollar.
00:12The Genius Act would create consumer protections for stablecoins
00:15and stands for guiding and establishing national innovation for U.S. stablecoins.
00:20Bill bans members of Congress and their families from profiting off stablecoins
00:24but excludes the president and his family despite Trump's crypto ties.
00:27Trump recently hosted investors in a Trump-branded meme coin
00:30at a private dinner at his golf club.
00:32His family owns a major stake in World Liberty Financial, which launched its own stablecoin.
00:37Most Democrats oppose the bill, citing unresolved concerns over Trump's crypto interests.
00:42For all things money, visit Benzinga.com.