Sanders Sounds Alarm Over Potential Impacts of Cryptocurrency Bill

Senator Bernie Sanders criticizes the bipartisan Genius Act, claiming it enriches the Trump family and threatens financial regulation. He links the bill to a rise in cryptocurrency interests that could undermine consumer protections and anti-money laundering laws. Sanders plans to host an expert discussion ahead of a vote on the legislation.

Vermont Senator Bernie Sanders has raised significant concerns about a cryptocurrency regulation bill known as the Genius Act. He argues that this legislation could disproportionately benefit the Trump family while jeopardising the wider financial system. The bill, which has garnered bipartisan support, aims to facilitate the legitimacy of U.S. currency in the digital sphere, particularly benefiting companies involved with stablecoins—a type of cryptocurrency designed to maintain a stable value.

Despite the intentions behind the Genius Act, Sanders highlights critical flaws, claiming it may undermine crucial anti-money laundering protocols and consumer protections. He pointed out that the legislation seems tailored to enrich personal interests, specifically those of the Trump family, thus raising questions about its integrity. “Under the Trump administration, we have seen a coordinated effort to boost the cryptocurrency industry for the direct benefit of President Trump and his oligarch allies,” Sanders said in a statement, underscoring his apprehension.

Sanders elaborated on his concerns by mentioning that President Trump has allegedly hosted dinners with investors who have put millions into his cryptocurrency ventures, including a meme coin. Furthermore, he noted the potentially enormous profits Trump stands to gain from significant investments from an Abu Dhabi-connected fund into his crypto business. “If that’s not a troubling form of corruption, I don’t know what is,” he stated emphatically.

In response to the bill’s approaching procedural vote, scheduled for Thursday, Sanders is hosting a discussion with experts in the field at 4:30 PM on Wednesday. This event aims to foster a deeper understanding of the implications surrounding the Genius Act and weigh the potential risks involved.