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Senator Bernie Sanders (I-Vt.) speaks to a capacity crowd during a "Fighting Oligarchy" tour event on March 7, 2025 in Kenosha, Wisconsin.
(Photo: Scott Olson/Getty Images)
Sanders Raises Alarm Over GOP Crypto Bill Designed to 'Enrich Trump and His Billionaire Backers'
"Congress is moving quickly to pass the GENIUS Act, which may make a bad situation much worse," said Sen. Bernie Sanders of Vermont.
May 06, 2025
As the Republican Senate majority leader plows ahead with a plan to hold a vote on a cryptocurrency bill, Sen. Bernie Sanders is planning a Wednesday conversation with industry experts regarding the proposed legislation, which his office warns would "enrich Trump and his billionaire backers."
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act would create a regulatory framework for a type of cryptocurrency called stablecoins. Sanders' (I-Vt.) office said in a Tuesday statement that the bill "threatens the stability of our financial system" and "makes it easier for President [Donald] Trump and his family to continue to engage in corrupt dealmaking enabled through their cryptocurrency, to the great benefit of themselves and their tech oligarch backers."
Sen. Elizabeth Warren (D-Mass.), another critic of the GENIUS Act, has argued it could facilitate illicit activity and provide little protection for consumer funds.
In February, the advocacy group Consumer Reports warned that the bill lacked consumer protections and could inadvertently allow large tech companies to enter the banking space, as in create currencies, without being subject to the same scrutiny that is applied to traditional banks.
"Under the Trump administration, we have seen a coordinated effort to boost the cryptocurrency industry to directly benefit President Trump and his oligarch allies," said Sanders on Tuesday. He also highlighted that Trump this week promoted a scheduled private dinner for the top holders of the $TRUMP meme coin, effectively soliciting purchases of the crypto token that now accounts for a substantial portion of his net worth.
Also, a stablecoin launched by Trump's World Liberty Financial crypto venture is going to be used by an investment firm backed by the government of Abu Dhabi to complete a $2 billion business deal, according to The New York Times.
"If that's not a troubling form of corruption, I don't know what is," said Sanders of the two cases.
The latest revelations regarding Trump and cryptocurrency appear to have diminished the GENIUS Act's chances of passage, according to The American Prospect.
The GENIUS Act had enjoyed support from a handful of Democratic senators, but a number of them backed off from supporting the bill in its current form over the weekend, writing in a statement that they wanted to see stronger provisions on anti-money laundering, national security, and other issues. "But reading between the lines, it was clearly the Trump corruption that soured them," the Prospect reported.
Sanders said that "in the face of this corruption, you might hope that Congress would step in to clamp down on corruption. Instead, Congress is moving quickly to pass the GENIUS Act, which may make a bad situation much worse."
Axiosreported Tuesday afternoon that Warren and another GENIUS Act critic, Sen. Jeff Merkley (D-Ore.), will introduce the End Crypto Corruption Act on Tuesday. The proposal would bar the president, vice president, members of Congress, and their immediate families from issuing digital assets, like stablecoins, perAxios.
Sanders' conversation will be with Sacha Haworth, the executive director of the Tech Oversight Project, a group aimed at reining in Big Tech, and Corey Frayer, the director of investor protection at the Consumer Federation of America, a consumer research and advocacy organization.
The conversation will be livestreamed on his Facebook, X, and YouTube, and through Act.tv.
An Unconstitutional Rampage
Trump and Musk are on an unconstitutional rampage, aiming for virtually every corner of the federal government. These two right-wing billionaires are targeting nurses, scientists, teachers, daycare providers, judges, veterans, air traffic controllers, and nuclear safety inspectors. No one is safe. The food stamps program, Social Security, Medicare, and Medicaid are next. It’s an unprecedented disaster and a five-alarm fire, but there will be a reckoning. The people did not vote for this. The American people do not want this dystopian hellscape that hides behind claims of “efficiency.” Still, in reality, it is all a giveaway to corporate interests and the libertarian dreams of far-right oligarchs like Musk. Common Dreams is playing a vital role by reporting day and night on this orgy of corruption and greed, as well as what everyday people can do to organize and fight back. As a people-powered nonprofit news outlet, we cover issues the corporate media never will, but we can only continue with our readers’ support. |
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As the Republican Senate majority leader plows ahead with a plan to hold a vote on a cryptocurrency bill, Sen. Bernie Sanders is planning a Wednesday conversation with industry experts regarding the proposed legislation, which his office warns would "enrich Trump and his billionaire backers."
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act would create a regulatory framework for a type of cryptocurrency called stablecoins. Sanders' (I-Vt.) office said in a Tuesday statement that the bill "threatens the stability of our financial system" and "makes it easier for President [Donald] Trump and his family to continue to engage in corrupt dealmaking enabled through their cryptocurrency, to the great benefit of themselves and their tech oligarch backers."
Sen. Elizabeth Warren (D-Mass.), another critic of the GENIUS Act, has argued it could facilitate illicit activity and provide little protection for consumer funds.
In February, the advocacy group Consumer Reports warned that the bill lacked consumer protections and could inadvertently allow large tech companies to enter the banking space, as in create currencies, without being subject to the same scrutiny that is applied to traditional banks.
"Under the Trump administration, we have seen a coordinated effort to boost the cryptocurrency industry to directly benefit President Trump and his oligarch allies," said Sanders on Tuesday. He also highlighted that Trump this week promoted a scheduled private dinner for the top holders of the $TRUMP meme coin, effectively soliciting purchases of the crypto token that now accounts for a substantial portion of his net worth.
Also, a stablecoin launched by Trump's World Liberty Financial crypto venture is going to be used by an investment firm backed by the government of Abu Dhabi to complete a $2 billion business deal, according to The New York Times.
"If that's not a troubling form of corruption, I don't know what is," said Sanders of the two cases.
The latest revelations regarding Trump and cryptocurrency appear to have diminished the GENIUS Act's chances of passage, according to The American Prospect.
The GENIUS Act had enjoyed support from a handful of Democratic senators, but a number of them backed off from supporting the bill in its current form over the weekend, writing in a statement that they wanted to see stronger provisions on anti-money laundering, national security, and other issues. "But reading between the lines, it was clearly the Trump corruption that soured them," the Prospect reported.
Sanders said that "in the face of this corruption, you might hope that Congress would step in to clamp down on corruption. Instead, Congress is moving quickly to pass the GENIUS Act, which may make a bad situation much worse."
Axiosreported Tuesday afternoon that Warren and another GENIUS Act critic, Sen. Jeff Merkley (D-Ore.), will introduce the End Crypto Corruption Act on Tuesday. The proposal would bar the president, vice president, members of Congress, and their immediate families from issuing digital assets, like stablecoins, perAxios.
Sanders' conversation will be with Sacha Haworth, the executive director of the Tech Oversight Project, a group aimed at reining in Big Tech, and Corey Frayer, the director of investor protection at the Consumer Federation of America, a consumer research and advocacy organization.
The conversation will be livestreamed on his Facebook, X, and YouTube, and through Act.tv.
As the Republican Senate majority leader plows ahead with a plan to hold a vote on a cryptocurrency bill, Sen. Bernie Sanders is planning a Wednesday conversation with industry experts regarding the proposed legislation, which his office warns would "enrich Trump and his billionaire backers."
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act would create a regulatory framework for a type of cryptocurrency called stablecoins. Sanders' (I-Vt.) office said in a Tuesday statement that the bill "threatens the stability of our financial system" and "makes it easier for President [Donald] Trump and his family to continue to engage in corrupt dealmaking enabled through their cryptocurrency, to the great benefit of themselves and their tech oligarch backers."
Sen. Elizabeth Warren (D-Mass.), another critic of the GENIUS Act, has argued it could facilitate illicit activity and provide little protection for consumer funds.
In February, the advocacy group Consumer Reports warned that the bill lacked consumer protections and could inadvertently allow large tech companies to enter the banking space, as in create currencies, without being subject to the same scrutiny that is applied to traditional banks.
"Under the Trump administration, we have seen a coordinated effort to boost the cryptocurrency industry to directly benefit President Trump and his oligarch allies," said Sanders on Tuesday. He also highlighted that Trump this week promoted a scheduled private dinner for the top holders of the $TRUMP meme coin, effectively soliciting purchases of the crypto token that now accounts for a substantial portion of his net worth.
Also, a stablecoin launched by Trump's World Liberty Financial crypto venture is going to be used by an investment firm backed by the government of Abu Dhabi to complete a $2 billion business deal, according to The New York Times.
"If that's not a troubling form of corruption, I don't know what is," said Sanders of the two cases.
The latest revelations regarding Trump and cryptocurrency appear to have diminished the GENIUS Act's chances of passage, according to The American Prospect.
The GENIUS Act had enjoyed support from a handful of Democratic senators, but a number of them backed off from supporting the bill in its current form over the weekend, writing in a statement that they wanted to see stronger provisions on anti-money laundering, national security, and other issues. "But reading between the lines, it was clearly the Trump corruption that soured them," the Prospect reported.
Sanders said that "in the face of this corruption, you might hope that Congress would step in to clamp down on corruption. Instead, Congress is moving quickly to pass the GENIUS Act, which may make a bad situation much worse."
Axiosreported Tuesday afternoon that Warren and another GENIUS Act critic, Sen. Jeff Merkley (D-Ore.), will introduce the End Crypto Corruption Act on Tuesday. The proposal would bar the president, vice president, members of Congress, and their immediate families from issuing digital assets, like stablecoins, perAxios.
Sanders' conversation will be with Sacha Haworth, the executive director of the Tech Oversight Project, a group aimed at reining in Big Tech, and Corey Frayer, the director of investor protection at the Consumer Federation of America, a consumer research and advocacy organization.
The conversation will be livestreamed on his Facebook, X, and YouTube, and through Act.tv.
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