United States Senator Elizabeth Warren, the Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, released a statement concerning recent news involving President Trump's stablecoin dealings. "A shady fund backed by a foreign government just announced it will make a $2 billion deal using Donald Trump’s stablecoins," she noted.
Senator Warren draws attention to the imminent Senate vote on the "GENIUS" Act, which pertains to stablecoin regulation. According to Warren, this legislation would benefit President Trump and his family financially. "This is corruption and no senator should support it," said Warren.
The situation unfolds as the Senate considers the financial implications of stablecoin legislation in the wake of the controversial deal.