'It looks bad': Fox reporter admits 'problem for the GOP that can be exploited'
The Republican-led Senate passed the procedural vote to end a filibuster on a bill that would place regulations on the $250 billion stablecoin market with a bipartisan vote. However, one Fox correspondent
The "GENIUS Act" would create a framework for regulating stablecoins and address ongoing fears about consumer protections and other risks, the legislation explains. GENIUS stands for "Guiding and Establishing National Innovation for US Stablecoins."
As Axios explained, 18 Democrats voted earlier this week to support the bill, but many of those same Democrats won't support it without "basic protections against corruption by public officials."
The Shib Daily reported Friday that Democrats intend to attach an Amendment to prevent "the U.S. president and other officials from financially benefiting from stablecoins."
ALSO READ: Democrats surrender huge stash of FTX crypto cash
Sen. Mark Warner (D-VA) has been a key player in negotiating the bill with his fellow Democrats. He argued they should back the bill even if they still have concerns about Trump's family crypto business.
“But we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay,” Warner stated on Monday, Axios reported.
Pro-crypto Fox Business correspondent Charles Gasparino wrote for the New York Post that the bill's author, Sen. Bill Hagerty (R-TN), was nervous about whether it would make it past the 60-vote filibuster threshold.
“It will be either 59 votes or 70″ voting in favor, said Hagerty. Ultimately, he got 66 votes with Sens. Rand Paul (R-KY) and Jerry Moran (R-KS) opposing it.
Gasparino celebrated Trump's transparency in his meme coin investments, but conceded, "you can make the case that it looks bad. It’s still an optics problem for the GOP that can be exploited when the senate tries to pass other more important crypto bills. Amendments about Trump’s business dealings could [bog] down full passage of the legislation. It’s the likely reason for some of the GOP holdouts."
"The problem is obvious," he explained. "The president appoints the people heading crypto regulation, the heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Trump is literally deregulating an industry he’s profiting from. This appearance problem could be a sticking point when Congress takes its next legislative step, a rewrite of securities laws to better serve digital coins."