***IMMEDIATE ACTION***THE SENATE MUST REJECT THE REVISED GENIUS ACT [5-18-25]
The Senate may begin voting on the controversial GENIUS ACT (S.394), crafted by tech oligarchs seeking to tie cryptocurrency to the dollar and create a regulatory framework, as early as tomorrow morning (May 9). It would require that:
Stablecoins hold reserves of liquid, safe assets like Treasury bills;
Issuers follow anti-money-laundering and terrorism finance rules;
Coin holders get priority to recoup their money in a bankruptcy.
The bill’s failure to survive cloture last week hinged on two major issues—big technology companies issuing their own stablecoins, and Trump’s business arrangements with the industry.
Senators Warren and Sanders blasted the bill last week for making cryptocurrency corruption easier. Warren saw four major problems—putting national security at risk, undermining consumer protections, accelerating Trump’s corruption efforts, and eventually blowing up the US economy— which generated the negative votes.
While the revised draft may have dealt with the first issue by requiring nonfinancial public companies to get special approval from a committee, it doesn’t address concerns that Trump and his family could directly profit from the tokens through their majority ownership of the crypto firm World Liberty Financial. Nor does it eliminate Warren’s concerns.
Senator Merkley’s End Crypto Corruption Act, co-sponsored by Wyden and 17 other Democrats, which bans the President, Vice-President, Senior Executive Branch Officials, Members of Congress, and their immediate families from issuing, endorsing, or sponsoring crypto assets, would preclude the Trump crime family from further enriching itself, beyond the $2.9 billion already made from its crypto dealings since December.
Thank you for cosponsoring the End Crypto Corruption Act, which, if included in S.394, would stop Trump’s corrupt behavior somewhat. Nevertheless, because S.394 does not provide the necessary real guardrails against market manipulation, untraceable bribes, money laundering, and endless cryptocurrency scams, I urge you to vote against cloture and convince your colleagues to do likewise.
ACTION One: Call the Senate.
SEN. MERKLEY: Portland office: 503-326-3386 | D.C. office: 202-224-3753
SEN. WYDEN: Portland office: 503-326-7525 | D.C. office: 202-224-5244
