Yesterday Punchbowl News reported that Senate leader John Thune had filed for a procedural vote (cloture) on the stablecoin Genius Act, the same vote that failed last week. Hence, another vote is likely to be held next week. Democrat Senator Gillibrand claimed major progress on the bill, indicating several Democrats were gearing up to support it. However, last night Punchbowl published a memo from Senator Warren highlighting ongoing problem areas.
Firstly, she objected that there’s nothing in the Bill stopping elected officials and their families from issuing stablecoins. The involvement of President Trump’s sons with crypto firm World Liberty Financial is viewed as controversial by some. That was exacerbated when its new stablecoin, USD1, was used in a $2 billion transaction by a firm chaired by the UAE’s national security adviser.
Regarding families, earlier this week Senator Gillibrand implied that family members are legally permitted to issue stablecoins. However, officials themselves cannot. Since early May there has been a Genius Act clause that states:
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