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Senate Democrats Withdraw Support for Controversial GENIUS Act

5/7/2025

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Summary

Story summary

Nine Senate Democrats have pulled their backing for the GENIUS Act, citing conflict-of-interest worries tied to President Trump's World Liberty Financial. With the firm landing a staggering $2 billion investment from MGX, concerns of corruption loom large. Senators are now pushing for tougher anti-money laundering measures, putting the bill's future at risk amidst ongoing bipartisan crypto regulation talks.

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Story summary

Nine Senate Democrats have pulled their backing for the GENIUS Act, citing conflict-of-interest worries tied to President Trump's World Liberty Financial. With the firm landing a staggering $2 billion investment from MGX, concerns of corruption loom large. Senators are now pushing for tougher anti-money laundering measures, putting the bill's future at risk amidst ongoing bipartisan crypto regulation talks.