Trump‐linked Crypto Windfall Triggers Democratic Mutiny, Puts GENIUS Act on the Brink

By: crypto news australia|2025/05/08 12:00:08

Democrats are abandoning the GENIUS Act, a bipartisan stablecoin bill, after revelations that Trump-linked World Liberty Financial stands to profit massively from a $2B Abu Dhabi deal. Critics now label the bill a vehicle for “crypto corruption”.The controversy centers on Trump’s stablecoin project, which surged into the top ten by market cap and routes 75% of revenue to Trump-affiliated entities.Tensions are boiling in Congress, with Senators Schumer and Warren freezing Democratic support and calling for bans on crypto holdings for public officials.The GENIUS Act—once touted as Washington’s stablecoin breakthrough—is bleeding support. It looks like a massive Abu Dhabi buy‐in to World Liberty Financial detonated the fragile Senate consensus. Democrats now brand the measure a green light for “crypto corruption”.Senator Chuck Schumer has frozen his caucus, blocking floor commitments until conflict‐of‐interest curbs kick in. Elizabeth Warren circulated a memo demanding a ban on crypto holdings for elected officials and their relatives.Trump is already using his stablecoin to get a cut of a $2 BILLION deal with a shady UAE fund.The Senate will vote on the GENIUS Act, a crypto bill which would make the President's grift even easier.If we don't fix that problem, no Senator should vote for it. pic.twitter.com/hD9IaHMNMB— Elizabeth Warren (@SenWarren) May 6, 2025In other words, it all looks very bad, and at the center is the Trump family’s crypto firm. The company’s new stablecoin surged into the top ten by market cap this week, days after announcing a US$2B (AU$3.11B) deal with an Emirati firm planning to route funds into Binance. Revenue from the coin flows directly to Trump-affiliated entities, which take 75% of the cut. Add in a memecoin dinner promotion that spiked the TRUMP price over 60% almost overnight, and Democrats now see the legislation as a handout to the president’s wallet.Tensions Rise in SenateRep. Maxine Waters, long a lead voice on crypto oversight, has turned against the entire bill. She blocked a House hearing on Tuesday, walked out in protest, and staged a counter-hearing denouncing Trump’s crypto empire. She said: They are legitimizing Trump’s and his family’s efforts to enrich themselves on the backs of average Americans. US Rep. Maxine Waters Banking‐Committee Democrat Ruben Gallego charges Republicans with ramming the bill forward minus fixes on AML, consumer protection, and national‐security clauses, stating: You can’t try to f*** us and then say, deal with it. Ruben Gallego, Banking-Committee Democrat. Majority Whip John Thune has filed cloture on the GENIUS Act, forcing a Thursday test vote. The bill needs sixty ayes; Republicans hold fifty‐three and have lost three inside the tent—Rand Paul, Josh Hawley, and John Kennedy.Nine Democrats publicly oppose the latest draft, citing undisclosed rewrites. Related: Trump Dodges Questions on Memecoin Profits Amid Price PlungeThe post Trump‐linked Crypto Windfall Triggers Democratic Mutiny, Puts GENIUS Act on the Brink appeared first on Crypto News Australia.

The widespread adoption of on-chain financial applications still faces an invisible barrier: the lack of transaction order certainty. Under a single leader architecture, nodes can delay, censor, or even front-run user transactions, thus completely distorting the game among market makers, bidders, an...

Founder of Delphi Labs: My observations and feelings about the AI ecosystem in China in two weeks

Delphi Labs co-founded a deep observation of China's AI ecosystem: hardware manufacturing is quietly winning the global war at an astonishing speed, but the software sector is mired in an overvaluation bubble and the homogenization of founders.

AI Seating Chart Released | Rewire News Morning Brief

Musk and Ultraman are not above

Is the era of Embodied AI's "GPT Moment" Approaching? Axis Robotics Announces End of Testing, Set to Launch on Base Chain

Axis's answer is yes - provided that a thorough reshaping of the scale-up production of robotic data is required, and a redefinition of the deployment paradigm in the physical world.

Meta Layoff Explained: On the same day as laying off 700 people, they handed out $90 billion in retention bonuses to executives

The money saved from laying off 700 people is approximately equivalent to Meta's 1.5 days of AI infrastructure spending

Binance Cracks Down on Market Makers, a Long-overdue Trial

True accountability requires regulatory involvement, enforcement agencies, rather than allowing the exchange to act as its own judge.

Wall Street Collective Bearish on 2026, Will the Oil Crisis Trigger a Recession?

「There is no middle ground; the result will definitely be one of two extremes.」

Hollywood's AI Necromancy: Death Is No Longer the End of Labor

Post-Mortem Economics

a16z: DeFi Struggling to Support a True Financial Market

More important than throughput is the determinism and fairness of transaction execution.

Morning News | Bitmine launches institutional Ethereum staking platform MAVAN; Franklin Templeton launches tokenized ETF; Morgan Stanley to issue and sponsor Bitcoin ETF

Overview of Important Market Events on March 25

Kalshi early employees: Whoever controls the traffic controls the market

Robinhood can decide where tens of millions of contracts go with the flip of a switch, while the exchanges do all the hard work but cannot control their own fate.

Tether signs contracts with four major audits, Circle's compliance moat collapses, stock price plummets by 20%

USDT, with a market value of 184 billion dollars, is undergoing its first comprehensive inspection in history.

Is the era of Embodied AI's "GPT Moment" Approaching? Axis Robotics Announces End of Testing, Set to Launch on Base Chain

Axis's answer is yes - provided that a thorough reshaping of the scale-up production of robotic data is required, and a redefinition of the deployment paradigm in the physical world.