The Boyfriend in Love With Girlfriend’s Friend’s Buttcrypto industry is celebrating this week as a controversial stablecoin bill dubbed the GENIUS Act advanced to debate in front of the full U.S. Senate.
Earlier this month, an Abu Dhabi investment firm announcedthat it would be making a $2 billion investment in the cryptocurrency exchange Binance using a brand new stablecoin called USD1.
Unlike risky cryptocurrencies with prices that fluctuate wildly and constantly, stablecoins are basically crypto tokens pegged to a more stable asset, like fiat currency such as the U.S. dollar. Crypto companies behind stablecoins typically profit based on interest rather than speculation. According to Fortune, the crypto firm behind USD1, World Liberty Financial, could make around $80 million annually off of a deal like the Abu Dhabi one.
What makes this notable? For one, World Liberty Financial is majority owned by President Donald Trump and his family. Meanwhile, a first-of-its-kind stablecoin bill has just advanced in the Senate. And although some Democrats had hoped the bill would address this type of crypto profiteering from the Trump family, the bill is moving forward regardless.
On Monday, in a 66-32 vote, the U.S. Senate advancedthe GENIUS Act, a bill that sets up the first regulatory framework for stablecoins. In total, 16 Democrats joined the Republican majority to advance the bill. Two Republicans joined the opposing Democrats who voted against it.
Just two weeks ago, the stablecoin bill was shot down by every Democratic senator, which stalled the legislation from moving forward. However, an amendment was added to the bill in an effort to appease some Democrats.
That amendment included new consumer protections and regulatory limits on companies that issue stablecoins. In addition, the amendment also extended ethics standards to special government employees, which would cover Elon Musk and Trump's AI and crypto czar David Sacks, as long as they hold their special government roles.
However, notably absent from the bill is any language that could definitively end President Trump's own crypto and stablecoin dealings.
The bill does include language that would "prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin product during their time in public service.” However, Democrats opposing the bill say that the language doesn't go far enough to address the Trump family's stablecoin endeavors.
Speaking from the Senate floor, Massachusetts Senator Elizabeth Warren said, “It doesn’t have to be this way. A bill that meaningfully strengthens oversight of the stablecoin market is worth enacting. A bill that turbocharges the stablecoin market, while facilitating the President’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all.”
In addition to the new stablecoin investment, Trump's memecoin $TRUMP has nettedhis crypto companies hundreds of millions of dollars in fees. In addition, Trump has offered special access to investors in his memecoin. Memecoins are different from stablecoins and would not be covered under this bill.
While some Democrats will be offering additional legislation to cover Trump's stablecoin project, it's unlikely to pass the Republican-controlled Senate.
Topics Cryptocurrency Donald Trump Politics
Previous：A worthless juicer and a Gipper-branded server
Next：Mary Shows Up
Your 'wrong person' texts may be linked to Myanmar warlord
Today's Hurdle hints and answers for June 10, 2025
Peru vs. Ecuador 2025 livestream: Watch World Cup Qualifiers for free
Best TV deal: Buy a Samsung TV and get a Samsung Freestyle Projector for free
Best robot vacuum deal: Save $200 on Eufy X10 Pro Omni robot vacuum
Save 45% on the Anker Solix C1000 portable power station
The Ultimate Guide to Buying a Used Graphics Card
NYT Strands hints, answers for June 11
Virtual Reality: The True Cost of Admission (and Why It Doesn't Matter)
Galaxy S9+ vs Pixel 2 XL Camera
Exceptionally rare radio sources detected in the distant universe
FDA looking toward AI after mass layoffs
Hinge partners with Esther Perel for new prompts
Brazil vs. Paraguay 2025 livestream: Watch World Cup Qualifiers for free
Today's Hurdle hints and answers for May 12, 2025
Use Your Gaming Laptop and Play On Battery Power? Is It Possible?
iOS 26 adds 'Emoji Game' for Apple News+ subscribers
NYT Connections Sports Edition hints and answers for June 11: Tips to solve Connections #261
Amazon Pet Day: All the best deals
Best robot vacuum deal: Save 42% on the Eufy E20 3
Keep an eye on your home from afar with this affordable AIThe 18 best tweets of the week, including Frankenstein, Mr. Bean, and Alan AldaApple postpones return to office until 2022Meet the designer who makes highWoman attempts cheek kiss with Timothée Chalamet's dad and it ends awkwardlyIt's Fiona the hippo's first birthday, she's eating cake, and I'm crying"Heels" on Starz doesn't pull any punches for its wrestling drama2023 Cadillac Lyriq: Get a first look at the new luxury electric SUVSerena Williams subtly burns controversial player Tennys SandgrenOnlyFans launches a new app with no nudity and no paywallPlanets, rankedT'challa's 'What If...?' episode honored the hero the MCU has lost11 best tweets of the week, including a vibe warrior, Carmen Electra, and Patrick StarMeet Nestflix, the fake streaming service for fictional shows16 best websites, apps, and accounts if you love looking at houses and real estate listings2023 Cadillac Lyriq: Get a first look at the new luxury electric SUVHere are the most politically polarized brands in AmericaFacebook adds endChevy Bolt recall: Can you get your car repurchased?Facebook adds end American Girl; Speed Levitch by Sadie Stein Busker; Deposition Delivery by Chris Flynn Reading 'House of Holes' in Public by Andrew Palmer Helen Schulman on 'This Beautiful Life' by Brian Gresko Chez Panisse Menus by Patricia Curtan Join Us at the Brooklyn Book Festival on Sunday by The Paris Review It’s About to Get Really Girly by The Paris Review Staff Picks: Microstyle, The Epiplectic Bicycle by The Paris Review Adaptation; Fall Reading by Lorin Stein David Orr: Lost in the Archives, Summer 1996 by David Orr Stephen Marche and Arthur Phillips on Shakespeare by The Paris Review Rubbish Collector; Barman by Chris Flynn Our Café au Lait Cup—Now for Sale! by Sadie Stein Paul Hornschemeier on ‘Life with Mr. Dangerous’ by Nicole Rudick The Secret Bookstore by Thessaly La Force The Late, Great Theodora Keogh by Joan Schenkar A Father, A Daughter, A Novel by Jesse Browner Paradise Lost by Vanessa Blakeslee Delivering Chinese; Self Staff Picks: Lucian Freud, Beryl Bainbridge by The Paris Review
1.7729s , 8224.3203125 kb
Copyright © 2025 Powered by 【Boyfriend in Love With Girlfriend’s Friend’s Butt】,Wisdom Convergence Information Network