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Our Revolution Sounds the Alarm on Corruption-Ridden Crypto Legislation Ahead of Key Senate Vote
“This is corruption and self-dealing on an unprecedented scale. And let’s be clear: Democrats are fully complicit in the grift, with Senator Kirsten Gillibrand (D-NY) leading the charge as the bill's original sponsor.”
On Thursday, the U.S. Senate is expected to hold a procedural vote to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act—a controversial bill championed by crypto giant Coinbase and other deep-pocketed industry players.
The legislation, which has raised alarm bells among ethics watchdogs and democracy advocates, claims to set the first nationwide rules for regulating payment stablecoins—cryptocurrencies that aim to maintain a stable value by being pegged to real-world currencies like the dollar.
Joseph Geevarghese, Executive Director of Our Revolution—the nation’s largest independent political organizing group founded by Sen. Bernie Sanders in 2016—issued the following statement slamming the bill ahead of tomorrow’s anticipated vote:
“After seizing the mantle of top corporate political spender in the 2024 election, Big Crypto wasted no time using the influence it bought on Capitol Hill to ram through this laughably weak and toothless regulatory bill—a sham crafted by cryptocurrency giants that is certain to line the pockets of the Trump family's crypto empire.
“This is corruption and self-dealing on an unprecedented scale. And let’s be clear: Democrats are fully complicit in the grift, with Senator Kirsten Gillibrand (D-NY) leading the charge as the bill's original sponsor. We call on every senator who still gives a damn about democracy to shut down this outright sellout to the cryptocurrency industry.”
Tomorrow's expected vote follows alarming news that World Liberty Financial—the Trump family’s crypto venture—secured a staggering $2 billion investment from MGX, a firm controlled by the ruling family of the United Arab Emirates.
The proposed legislation is riddled with glaring regulatory gaps, including a complete failure to prevent lawmakers—like President Trump—from profiting off stablecoin ventures that could attract investment (and potential bribes) from corporations and foreign governments. The legislation also fails to ban Big Tech companies and other non-banking institutions from launching their own private currencies.
Our Revolution will reclaim democracy for the working people of our country by harnessing the transformative energy of the "political revolution." Through supporting a new generation of progressive leaders, empowering millions to fight for progressive change and elevating the political consciousness, Our Revolution will transform American politics to make our political and economic systems once again responsive to the needs of working families. Our Revolution has three intertwined goals: to revitalize American democracy, empower progressive leaders and elevate the political consciousness.
LATEST NEWS
'The Corruption Is Staggering': Trump Officials Push Tariffed Nations to Approve Musk's Starlink
"The glaring conflict of interest inherent in this pressure to preference a Musk-owned company is disgusting," said Public Citizen co-president Lisa Gilbert.
May 08, 2025
Trump administration officials have reportedly been pressuring countries facing U.S. tariffs to approve satellite internet services offered by Elon Musk's Starlink to help grease trade negotiations, further underscoring the conflicts of interest stemming from the mega-billionaire's proximity to the White House.
The Washington Postreported Wednesday that it obtained "a series of internal government messages" that "reveal how U.S. embassies and the State Department have pushed nations to clear hurdles for U.S. satellite companies, often mentioning Starlink by name."
"The documents do not show that the Trump team has explicitly demanded favors for Starlink in exchange for lower tariffs," the newspaper added. "But they do indicate that Secretary of State Marco Rubio has increasingly instructed officials to push for regulatory approvals for Musk's satellite firm at a moment when the White House is calling for wide-ranging talks on trade."
The Post points specifically to ongoing bilateral trade negotiations between the U.S. and India, where "government officials have sped through approvals of Starlink with the understanding that doing so could help them cement trade deals with the administration."
The Times of Indiareported Wednesday that Starlink, a subsidiary of Musk's SpaceX, "has been issued a Letter of Intent by the Indian government for satcom services."
The corruption is staggering. So brazen. www.washingtonpost.com/business/202...
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— The Tennessee Holler ( @thetnholler.bsky.social) May 7, 2025 at 4:01 PM
Lisa Gilbert, co-president of the U.S.-based consumer advocacy group Public Citizen, said in response to the Post's reporting that "the glaring conflict of interest inherent in this pressure to preference a Musk-owned company is disgusting."
"The bottom line here is that tools of trade and government should be utilized for the benefit of the American public, not abused for personal tech bro profiteering," Gilbert added.
Rep. Greg Casar (D-Texas.), chair of the Congressional Progressive Caucus, called the revelations "a huge new scandal."
"Trump and Musk are using tariffs as leverage to get other countries to buy from Musk's companies. Working families pay
$4,000+ more a year so Musk gets new deals," Casar wrote on social media. "They get richer. Everyone else gets screwed."
Last month, U.S. President Donald Trumppartially paused the more aggressive tariffs he sought to impose on countries around the world while leaving in place 10% across-the-board import duties, which are already raising costs for American families.
The Post reported Wednesday that "at least two countries have explicitly discussed or moved toward adopting Musk's Starlink as a means of avoiding Trump’s tariffs and negotiating a better trade deal with the United States."
Cambodia, which is facing a potential 49% tariff rate, appears to be one of those countries. The Post obtained a U.S. embassy cable indicating that Cambodian officials have signaled a "desire to help balance our trade relationship by promoting the market entry of leading U.S. companies such as Boeing and Starlink."
"Another cable from April 17 reported that Starlink was pushing for a license to operate in Djibouti," the newspaper reported. "Embassy staffers wrote they would help Starlink as much as they could: 'Post will continue to follow up with Starlink in identifying government officials and facilitating discussions.'"
U.S. Sen. Chris Van Hollen (D-Md.) said the internal cables show "gross corruption." Congressional Democrats are already probing the White House's use of Starlink services.
"Surprise, surprise: another Trump move that directly benefits Elon Musk—the guy who spent $260 million to elect Donald Trump and has been given the keys to the federal government," said Van Hollen. "They are rigging the government for themselves."
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Experts Warn Fed Remarks Show Trump Policies Brewing 'Perfect Storm for a Recession'
"Donald Trump's tariffs mean you could suffer higher prices and lose your job AT THE SAME TIME," said Sen. Elizabeth Warren.
May 07, 2025
Alex Jacquez from the progressive think tank Groundwork Collaborative issued a stark warning to the U.S. public on Wednesday in response to a statement from the Federal Reserve committee that sets interest rates.
The new statement from the Federal Open Market Committee (FOMC) "provides further evidence that a perfect storm for a recession is brewing" under U.S. President Donald Trump, said Jacquez, Groundwork's chief of policy and advocacy. "Barely 100 days into Trump's second term, working families are already being crushed by sticky inflation and slowing growth."
"A Trump-engineered recession will devastate working families, but the president refuses to stand down on his failed trade war, no matter the cost," added Jacquez, who previously advised former President Barack Obama and Sen. Bernie Sanders (I-Vt.).
The FOMC said Wednesday that "the risks of higher unemployment and higher inflation have risen," and opted to keep the federal funds rate at 4.25-4.5%. The committee has maintained the rate for the past three meetings, following a series of cuts last year.
Trump on Sunday pushed for a rate cut, and though he has backed off a threat to try to oust Fed Chair Jerome Powell, the president "could reconsider if the economy stumbles in the coming months," The Associated Pressreported Wednesday.
According to the AP:
Asked at the press conference whether Trump's calls for lower rates [have] any influence on the Fed, Powell said, "[It] doesn’t affect doing our job at all. We're always going to consider only the economic data, the outlook, the balance of risks, and that's it."
If the Fed were to cut rates, it could lower other borrowing costs, such as for mortgages, auto loans, and credit cards, though that is not guaranteed.
Addressing Trump's evolving tariff policy, Powell said Wednesday that "if the large increases in tariffs that have been announced are sustained, they're likely to generate a rise in inflation, a slowdown in economic growth, and a rise in unemployment."
Sharing a video of his remarks on social media, Sen. Elizabeth Warren (D-Mass.) stressed that Trump's tariffs mean higher prices.
Donald Trump's tariffs mean you could suffer higher prices and lose your job AT THE SAME TIME. Forget dolls, families will be forced to make impossible choices between necessities like food, housing, and health care.
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— Elizabeth Warren ( @warren.senate.gov) May 7, 2025 at 3:13 PM
In a Wednesday blog post, former Labor Secretary Robert Reich wrote: "Recall that last November, the single biggest reason voters gave in exit polls for choosing Trump was that he'd bring prices down... Although Trump has scaled back some tariffs and paused others as he seeks trade deals with foreign nations, his tariffs are already eating into household budgets."
Reich highlighted comments about price hikes from companies whose products include everything from baby supplies and laundry detergent to paper towels and tools. He also emphasized that "tariffs will particularly hurt small businesses."
"This bodes ill for American workers, since 80% of U.S. employment comes from small businesses with fewer than 500 workers. The likely result: higher unemployment," he explained, projecting price hikes and job losses this month. "But here's the question: Will consumers and workers realize Trump is the cause? And if they do, will they remember this by the November 2026 midterm elections?"
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'Escalation Risks Catastrophe': Restraint Urged as Pakistan Vows to Avenge Indian Strikes
"An armed conflict between India and Pakistan would be catastrophic for the world and must be avoided at all costs," warned U.S. Congresswoman Ilhan Omar.
May 07, 2025
Observers around the world sounded the alarm Wednesday over the risks of escalation between nuclear neighbors after Pakistan retaliated for Indian airstrikes that reportedly killed over 30 civilians including children in response to last month's Pahalgam massacre in Indian-occupied Kashmir.
The Pakistani newspaper Dawnreported that India bombed six sites in Punjab's Sialkot and Bahawalpur, as well as Azad Jammu and Kashmir on Tuesday night as part of Operation Sindoor, a response to the April 22 militant attack on a tourist site in Pahalgam that killed 26 people. India blamed Pakistan for supporting "cross-border terrorism" after a front group of the Pakistan-based militant group Lashkar-e-Taiba claimed responsibility for the attack.
Officials in Islamabad said the Indian strikes this week skilled 31 civilians, including several children. In retaliation, Pakistan carried out artillery attacks across the so-called Line of Control on the border with India. The shelling reportedly killed at least 15 civilians. In a televised address, Pakistani Prime Minister Shehbaz Sharif called the attacks a "reply" to India's airstrikes.
"When elephants fight, it's the grass that gets trampled."
Pakistani forces also shot down five Indian warplanes and attacked several Indian checkpoints, according to Pakistani military spokesperson Lt. Gen. Ahmed Sharif Chaudhry.
On Wednesday, Sharif claimed his government offered to cooperate with India to investigate the Pahalgam attack.
"Instead, they fired missiles inside our territory, thinking we would back down and will not retaliate," he said of India, vowing that "every drop of blood" will be avenged. Sharif added that India "must suffer the consequences" for its "cowardly" attacks.
Mirza Waheed, a Kashmiri journalist and award-winning novelist, toldDemocracy Now! on Wednesday that "this is a dangerous escalation."
Asked about the increasingly Hindu nationalist rule of Indian Prime Minister Narendra Modi, Waheed said "it is a different regime" than under previous New Delhi administrations, one that is "more open to armed response."
Noting that civilians have borne the brunt of cross-border clashes between Indian and Pakistani forces, Waheed said, "When elephants fight, it's the grass that gets trampled."
Foreign Policy South Asia analyst Michael Kugelman noted on social media that "India's strike on Pakistan is of much greater scale than the one in 2019."
"Pakistan's response, which according to many reports included downing several Indian jets, has also exceeded the scale of 2019," he added. "They're already higher up the escalatory ladder than any time in '19 crisis."
Echoing Wednesday's warning from a Nobel Peace Prize-winning nonproliferation group, British Green Party Member of Parliament Ellie Chowns said: "I am deeply alarmed by the overnight strikes between India and Pakistan and the tragic loss of civilian lives on both sides. As two nuclear-armed neighbors, escalation risks catastrophe."
"I urge both governments to step back from the brink in order to prioritize dialogue and lasting peace," Chowns added.
The Chinese Foreign Ministry said Wednesday that it is "concerned about the current developments" between the two nations. China controls about 15% of Kashmir.
"China opposes all forms of terrorism. We call on both India and Pakistan to prioritize peace and stability, remain calm and restrained, and avoid taking actions that further complicate the situation," the ministry said. "China finds India's military operation early this morning regrettable… India and Pakistan are and will always be each other's neighbors. They're both China's neighbors as well."
In the United States—which backed Pakistan's 1971 genocide in Bangladesh that ended following an Indian invasion—President Donald Trump called the escalating situation between the nuclear neighbors "a shame."
"I hope it ends very quickly," Trump added, offering to mediate a deescalation between the two countries, as the U.S. has repeatedly done in the past.
U.S. Congresswoman Ilhan Omar (D-Minn.) said on social media that "an armed conflict between India and Pakistan would be catastrophic for the world and must be avoided at all costs."
"The United States and our allies should be doing everything we can to stop another escalation and pursue all possible diplomatic avenues to resolve this peacefully," Omar asserted.
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