Senate Rejects GENIUS Act Amid Trump's Crypto Ties, $TRUMP Memecoin Surges
The Senate has rejected a crucial stablecoin bill, the GENIUS Act, due to concerns about former President Trump's ties to the crypto industry. The vote was close, with 49 senators against and 48 in favour.
The bill, supported by the cryptocurrency industry, aimed to establish a regulatory framework for stablecoins. However, its defeat comes amidst growing worries about Trump's influence in the sector.
The token at the heart of the controversy is $TRUMP, a memecoin that soared to over $14.5 billion on its first day. Its creators, CIC Digital and Fight LLC, have raked in over $320 million in trading fees. Top holders, including those who paid between $53,500 and $16.4 million for dinner invitations with Trump, have seen significant gains, with the coin's value increasing by over 40% after the announcement.
Despite these gains, over 764,000 wallets that purchased $TRUMP have lost money trading the token. Senator Mark Warner (D-VA), who voted against the bill, emphasized the need for responsible technological advancements in the crypto sector.
The defeat of the GENIUS Act leaves the stablecoin industry without clear regulatory guidance. Meanwhile, the $TRUMP memecoin continues to draw attention, with its creators emerging as the biggest winners. The future of both the bill and the token remains uncertain.
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