FOR IMMEDIATE RELEASE: June 11, 2025
CONTACT: Jarice Thompson, jarice@ourfinancialsecurity.org
Senate Passes Huge Giveaway to Crypto Industry, Big Tech and Trump Family
Stablecoin bill clears last Senate hurdle without any strengthening amendments
Washington, DC – The GENIUS Act (S.1528) took another step closer to becoming law after the Senate cleared a key procedural vote towards passing this alarming bill that links crypto tokens purportedly pegged to the U.S. dollar – stablecoins – to the broader financial system without meaningful consumer protections or safeguards for investors. This bill also stands to enrich President Trump and his family personally via their many crypto business ventures.
“This windfall for the crypto industry will pave the way for Big Tech to create their own corporate currencies with little oversight but big risks for consumers and the economy,” said Mark Hays, associate director for cryptocurrency and financial technology with Americans for Financial Reform and Demand Progress. “Thanks to this legislation, the next crypto collapse will no longer happen in a vacuum; instead the entire financial system will be subject to the instability of an industry rife with scandal, exploitation and illicit finance.”
This legislation risks widespread financial harm, and opponents raised numerous concerns, including allowing the use of risky assets for reserves, pre-emption of state consumer protection laws, convoluted bankruptcy measures, and lax federal oversight.
Most alarmingly, the bill enables Big Tech firms who already have an outsized influence on the economy to complete consumer transactions and access personal financial data without the same regulatory guidelines or federal oversight as banks.
Even bill supporters have acknowledged the central role stablecoins play in facilitating illicit finance by a wide array of bad actors. Yet the bill fails to address key ways in which stablecoins and their use across crypto platforms makes this lawlessness possible.
The elephant in the room remained President Trump’s own crypto ventures and his family’s opportunity to benefit directly from this legislation. Trump’s affiliated crypto platform World Liberty Financial has already launched its own stablecoin and inked a $2 billion deal with a shadowy Abu Dhabi-based investment firm and disgraced crypto exchange Binance.
Between this stablecoin, Trump’s memecoin dinner, Trump Media’s crypto investments and American Bitcoin, President Trump is set to line his own pockets and those of his Big Tech friends, campaign donors, and most ethically flagrant, his family.
“Moving to pass this bill without real restrictions on Trump’s crypto dealings is a gateway for not only him but all sorts of officials to benefit from an avenue of limitless legalized corruption,” said Hays. “The gusher of campaign cash from the crypto industry is buying rubber stamped crypto policies that boost the industry’s bottom line while exposing consumers and investors to serious financial harm.”
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