world liberty financial

Senate passes GENIUS Act—criticized as gifting Trump ample opportunity to grift

Binance, Cryptocurrency, Donald Trump, genius act, memecoin, Policy, stablecoin, world liberty financial / Shannon Garcia / June 19, 2025

“Why—beyond the obvious benefit of gaining favor, directly or indirectly, with the Trump administration—did you select USD1, a newly launched, untested cryptocurrency with no track record?” the senators asked.

Responding, World Liberty Financial’s lawyers claimed MGX was simply investing in “legitimate financial innovation,” CBS News reported, noting a Trump family-affiliated entity owns a 60 percent stake in the company.

Trump has denied any wrongdoing in the MGX deal, ABC News reported. However, Warren fears the GENIUS Act will provide “even more opportunities to reward buyers of Trump’s coins with favors like tariff exemptions, pardons, and government appointments” if it becomes law.

Although House supporters of the bill have reportedly promised to push the bill through, so Trump can sign it into law by July, the GENIUS Act is likely to face hurdles. And resistance may come from not just Democrats with ongoing concerns about Trump’s and future presidents’ potential conflicts of interest—but also from Republicans who think passing the bill is pointless without additional market regulations to drive more stablecoin adoption.

Dems: Opportunities for Trump grifts are “mind-boggling”

Although 18 Democrats helped the GENIUS Act pass in the Senate, most Democrats opposed the law over concerns of Trump’s feared conflicts of interest, PBS News reported.

Merkley remains one of the staunchest opponents to the GENIUS Act. In a statement, he alleged that the Senate passing the bill was essentially “rubberstamping Trump’s crypto corruption.”

According to Merkley, he and other Democrats pushed to remove the exemption from the GENIUS Act before the Senate vote—hoping to add “strong anti-corruption measures.” But Senate Republicans “repeatedly blocked” his efforts to hold votes on anti-corruption measures. Instead, they “rammed through this fatally flawed legislation without considering any amendments on the Senate floor—despite promises of an open amendment process and debate before the American people,” Merkley said.

Ultimately, it passed with the exemption intact, which Merkley considered “profoundly corrupt,” promising, “I will keep fighting to ban Trump-style crypto corruption to prevent the sale of government policy by elected federal officials in Congress and the White House.”

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Bitcoin hits record high as Trump vows to end crypto crackdown

Bitcoin hit a new record high late Monday, its value peaking at $89,623 as investors quickly moved to cash in on expectations that Donald Trump will end a White House crackdown that intensified last year on crypto.

While the trading rally has now paused, analysts predict that bitcoin’s value will only continue rising following Trump’s win—perhaps even reaching $100,000 by the end of 2024, CNBC reported.

Bitcoin wasn’t the only winner emerging from the post-election crypto trading. Crypto exchanges like Coinbase also experienced surges in the market, and one of the biggest winners, CNBC reported, was dogecoin, a cryptocurrency linked to Elon Musk, who campaigned for Trump and may join his administration. Dogecoin’s value is up 135 percent since Trump’s win.

On the campaign trail, Trump began wooing the cryptocurrency industry, seeking donations and votes by promising to make the US the “crypto capital of the planet,” Fortune reported. He announced the launch of his own crypto platform, World Liberty Financial (WLFI), and vowed to “fire” Gary Gensler—the Securities and Commission Exchange (SEC) chair leading the US crypto crackdown—on “day one” in office, Al Jazeera reported.

Whether Trump can actually fire Gensler is still up in the air, The Washington Post reported. It seems more likely that Trump may demote Gensler, The Post reported, since people familiar with the matter suggested that “fully outing” the current SEC chair “could trigger a novel and complicated legal battle over the president’s authorities.” So far, Gensler has made no indications that he will step down once Trump takes office, although The Post noted that wouldn’t be considered unusual.

Sources told The Post that Trump is considering “a mix of current regulators, former federal officials, and financial industry executives,” for leadership positions, “many of whom have publicly expressed pro-crypto views.”

Reportedly under consideration to replace Gensler are Daniel Gallagher, a former SEC official currently serving as chief legal officer for the financial technology firm Robinhood, and two Republican SEC commissioners, Hester Peirce and Mark Uyeda, The Post’s sources said. Other names in the mix include a former SEC commissioner, Paul Atkins, and a former commissioner at the Commodity Futures Trading Commission, Chris Giancarlo.