SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
kirsten gillibrand
Even Dems Who Initially Backed Crypto GENIUS Act Block It Over 'Outstanding Issues'
"Democrats held firm against this corporate power grab. We're fighting for fairness, not billionaire greed!" said Our Revolution said—though the effort to pass the bill is not over.
May 09, 2025
In a win for progressive groups and lawmakers who have been sounding the alarm about legislation that would create a regulatory framework for stablecoins, the U.S. Senate Democratic Caucus—along with a couple of Republicans—blocked the cryptocurrency bill from advancing on Thursday in a 49-48 procedural vote.
A stablecoin is a digital asset whose value is tied to traditional currency, such as the U.S. dollar, or a commodity like gold. Sen. Kirsten Gillibrand (D-N.Y.) co-sponsored the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which advanced out of the Senate Banking Committee in March with support from five other Democrats.
Meanwhile, the committee's ranking member, Sen. Elizabeth Warren (D-Mass.), has blasted the bill—as has Sen. Bernie Sanders (I-Vt.), who caucuses with Democrats and warned this week that the GENIUS Act would make it easier for President Donald Trump "and his family to continue to engage in corrupt dealmaking enabled through their cryptocurrency."
Our Revolution, a group formed as a continuation of Sanders' 2016 presidential campaign, has similarly panned the legislation, with executive director Joseph Geevarghese calling it a "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."
Concern over the bill has grown since the revelation last week that a stablecoin developed by the Trump family crypto firm, World Liberty Financial, would be used for a $2 billion deal between an investment firm established by the government of Abu Dhabi, MGX, and the world's largest crypto exchange, Binance.
In recent days, several crypto-friendly Democrats said they couldn't support the GENIUS Act in its current form, and ultimately, no members of the party's caucus voted for it. Thursday's vote was welcomed by Our Revolution, which said on social media that "Democrats held firm against this corporate power grab. We're fighting for fairness, not billionaire greed!"
Gillibrand, a key target of Our Revolution ahead of the vote, said in a statement that "I believe it is essential to the future of the U.S. economy and to everyday Americans that we enact strict stablecoin regulations and consumer protections where none currently exist. Over the past few years, I have worked in good faith with Republicans to author robust stablecoin legislation that protects consumers, enables innovation to thrive, and maintains the dominance of the U.S. dollar."
"The bipartisanship of this effort was on display when the bill passed out of the Banking Committee with strong support from Democrats and Republicans," she continued. "However, developments over the past week made it clear that there were a number of outstanding issues that needed to be addressed before this bill could pass the full Senate."
"I fully support my colleagues' efforts," Gillibrand said, specifically applauding Sen. Bill Hagerty (R-Tenn.) "for his tireless work across the aisle to improve and strengthen this bill." She added that "I remain extremely confident and hopeful that very soon we can finish the job."
According toAxios: "Key Senate players have been meeting all week, trying to land a deal to appease Democrats. Senate Republicans reviewed Democrats' proposed changes to the GENIUS Act, with Majority Leader John Thune (R-S.D.) and Sen. Mark Warner (D-Va.) negotiating up until the last minute."
Warner, one of the Democrats who voted the bill out of committee in March, said in a Thursday statement that "while we've made meaningful progress on the GENIUS Act, the work is not yet complete, and I simply cannot in good conscience ask my colleagues to vote for this legislation when the text isn't yet finished."
"I remain fully committed to getting this right," he said. "I plan to continue working with my colleagues to strengthen this legislation and move it forward in a way that promotes innovation while protecting the interests of the American people. It is my sincere hope that we can start floor consideration next week after we have finalized our work and given our colleagues adequate time to review."
While Thune reposted social media statements from his GOP colleagues expressing disappointment over the result and accusing Democrats of "hypocrisy," he also signaled that the effort to pass a stablecoin bill will continue by changing his vote from yes to no, which enables him to bring up the GENIUS Act at a later date.
Given expectations that the fight for the bill will go on, Democrats are still pushing for key reforms and additions. Citing recent reporting about Trump agreeing to attend a dinner with major investors in his cryptocurrency, Sen. Jeff Merkley (D-Ore.) said on social media Friday that "access to the White House shouldn't be up for sale to the highest bidder!!"
"This kind of blatant corruption takes a sledgehammer to public trust—we need to add my End Crypto Corruption Act to the GENIUS Act NOW!" added Merkley, pushing
legislation that would ban the president, vice president, top executive branch officials, members of Congress, and their immediate families from issuing, endorsing, or sponsoring crypto assets.
Keep ReadingShow Less
Progressive Group Rebukes Democrats for Being 'Fully Complicit' in Industry-Backed Crypto Bill
The head of Our Revolution called the GENIUS Act "a sham crafted by cryptocurrency giants that is certain to line the pockets of the Trump family's crypto empire."
May 07, 2025
As the Senate is reportedly poised to hold a Thursday procedural vote on legislation that would create a regulatory framework for a type of cryptocurrency called stablecoin, the group Our Revolution released a statement Wednesday denouncing Democrats for being "complicit" in the bill, which they say will likely enrich U.S. President Donald Trump.
Joseph Geevarghese, executive director of Our Revolution, said in a Wednesday statement that the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act is a "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." Our Revolution is a progressive political organizing group launched as a continuation of Sen. Bernie Sanders' (I-Vt.) 2016 presidential campaign.
"Let's be clear," Geevarghese continued, "Democrats are fully complicit in the grift, with Sen. Kirsten Gillibrand (D-N.Y.) 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."
Common Dreams reached out to Gillibrand's office for comment.
The bipartisan bill was originally co-sponsored by Sen. Tim Scott (R-S.C.), Sen. Cynthia Lummis (R-Wyo.), and Gillibrand. Later, Sen. Angela Alsobooks (D-Md.) became a co-sponsor as well.
The GENIUS Act, which is backed by the crypto industry, would make it easier for U.S. firms to do business in stablecoin, according to the The New York Times.
Several other crypto-friendly Democrats in the Senate had backed the GENIUS Act, but over the weekend pulled their support, citing a desire for stronger provisions on anti-money laundering, national security, and other issues. "While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor," wrote the group, which did not include Alsobrooks and Gillibrand, in a statement on Saturday.
A spokesperson for Alsobrooks toldThe American Prospect on Monday that at the Senate Banking Committee markup, "Democrats received commitments to address concerns about the bill. Those commitments should be honored, and she supports her colleagues in their efforts to further improve the bill."
The bill may need as many as 10 Democrats to clear a procedural vote due to potential defections on the GOP side, according to Axios.
Meanwhile, on Tuesday, Sen. Jeff Merkley (D-Ore.) and Senate Minority Leader Chuck Schumer (D-N.Y.) unveiled the End Crypto Corruption Act, a proposal that would bar the president, vice president, members of Congress, and their immediate families from issuing digital assets, like stablecoins. Gillibrand has joined that bill as a co-sponsor.
Critics of the GENIUS Act, like Sanders and Sen. Elizabeth Warren (D-Mass.), warn it would facilitate illicit activity and undermine consumer protection. Sanders warned on Tuesday that the GENIUS Act "makes it easier for President 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."
Democratic lawmakers have voiced concern about a recent Trump crypto revelation—that a stablecoin created by the Trump-affiliated World Liberty Financial crypto venture will be used to complete a $2 billion transaction by an Emirati-state owned investment firm.
And while some reporting suggests that Trump's crypto maneuvers are actually harming the chances that the GENIUS Act will pass, Public Citizen co-president Lisa Gilbert said Wednesday that "all available signs point to Donald Trump trading deregulation of the crypto industry in exchange for personal and political enrichment."
"Crypto helped elect Trump, and now they are helping him add millions to his personal bank account," Gilbert added.
Keep ReadingShow Less
Jewish-Led NYC Rally Targets AIPAC, Dem Allies Who Oppose Gaza Cease-Fire
"AIPAC uses money and racist bullying to ensure congressional complicity in the genocide of Gaza," said Jewish Voice for Peace.
Feb 22, 2024
Thousands of Jewish-led protesters descended on the New York offices of the American Israel Public Affairs Council on Thursday, taking aim at both AIPAC and Democratic lawmakers who take millions of combined dollars from the lobby group while opposing a Gaza cease-fire.
Led by Jewish Voice for Peace (JVP), the demonstrators marched from Dag Hammarskjöld Plaza outside the United Nations—where earlier this week the U.S. for the third time vetoed a Security Council cease-fire resolution—to AIPAC's nearby New York headquarters on Third Street.
During the march, protesters carried large letters spelling "DUMP AIPAC" and a banner reading "AIPAC Funds Genocide," as well as signs listing the names of New York Democrats who take campaign cash from the group while opposing a Gaza cease-fire. Members of Congress named and shamed at the rally include House Minority Leader Hakeem Jeffries ($829,835 in lifetime AIPAC contributions), Sen. Kirsten Gillibrand ($348,818), and Senate Majority Leader Chuck Schumer ($101,570).
Other activists occupied the offices of Schumer and Gillibrand. JVP said 18 people were arrested for refusing to obey police orders to leave.
"If you want to know one reason why more electeds aren't calling for a cease-fire—even though a cease-fire is the overwhelming demand from the people—look no further than AIPAC," said JVP. "AIPAC uses money and racist bullying to ensure congressional complicity in the genocide of Gaza."
"Last cycle, AIPAC endorsed over 100 lawmakers who voted to decertify the results of the 2020 election, allying themselves with the far-right," the group added. "AIPAC is threatening our safety here in the U.S. in order to ensure unconditional U.S. support for Israeli violence."
Jewish Voice for Peace Action said the demonstrators are "calling on Congress to listen to the will of the people and reject AIPAC as the extremist warmongers they've always been."
JVP posted on social media: "With over 30,000 Palestinians killed by Israeli forces in Gaza, we demand our electeds stop answering to a far-right group and start listening to their constituents. #DumpAIPAC now!"
The protest came a day after progressive Congresswomen Alexandria Ocasio-Cortez (D-N.Y.) led condemnation of AIPAC for a social media post accusing progressive cease-fire supporters of keeping Hamas' "rapist monsters armed and in power in Gaza."
"It is appalling that AIPAC is targeting women members of Congress who have survived sexual assault with this horrific rhetoric," Ocasio-Cortez fired back. "Each and every day, their role in U.S. politics becomes a greater scandal. They are the NRA of foreign policy."
Many of Israel's staunchest supporters on both sides of the partisan aisle have taken AIPAC contributions. The group was the number one donor to both Jeffries and House Speaker Mike Johnson (R-La.) during the last election cycle.
AIPAC has also been a top contributor to lawmakers like Reps. Ritchie Torres (D-N.Y.) and Josh Gottheimer (D-N.J.), who not only vocally support Israel, but also attack colleagues like Reps. Rashida Tlaib (D-Mich.)—the only Palestinian American in Congress—and Ilhan Omar (D-Minn.) for their pro-Palestinian views. AIPAC was by far Gottheimer's largest contributor in the 2022 electoral cycle, donating more than $216,000 to his campaign. The same goes for Torres, who received over $141,000 from the group during the same period.
Last month, over 200 House lawmakers from both parties sent a letter to U.S. Secretary of State Antony Blinken condemning the South Africa-led genocide case against Israel at the International Court of Justice. Reps. Chris Smith (R-N.J.) and Kathy Manning (D-N.C.) led the letter. AIPAC is the top donor to both of their campaigns.
AIPAC is expected to spend upward of $100 million this cycle in an effort unseat over half a dozen progressive U.S. lawmakers who have been critical of Israeli genocide, apartheid, occupation, settler colonization, and other human rights crimes against the Palestinian people.
Meanwhile, Jewish-led groups like JVP and IfNotNow have led a historic nationwide wave of protests against the ongoing Israeli onslaught on Gaza, in which more than 100,000 Palestinians have been killed or wounded. These demonstrations have filled the streets of cities from coast to coast, shut down major transit hubs, occupied landmarks, disrupted President Joe Biden's campaign events, and much more.
Keep ReadingShow Less
Most Popular