16 Senate Dems Join GOP to Advance Crypto Bill—A Gift to Trump's 'Reeking Corruption'
Common Dreams: May 20, 2025 by Eloise Goldsmith
"No Democrats should be supporting Trump's self-enrichment," said one grassroots progressive group.
Despite concerns that it does not address U.S. President Donald Trump's ties to the crypto industry, 16 Democrats in the Senate voted with most Republicans on Monday to advance a bill that creates a regulatory framework for stablecoins, digital assets whose value is tied to traditional currency, such as the U.S. dollar, or a commodity like gold.
The industry-backed Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed a cloture vote, with support from
Sens. Kirsten Gillibrand (D-N.Y.),
the original co-sponsor of the bill
Angela Alsobrooks (D-Md.)
Ruben Gallego (D-Ariz.)
Mark Warner (D-Va.)
Lisa Blunt Rochester (D-Del.)
Catherine Cortez Masto (D-Nev.)
Ben Ray Luján (N.M.)
Adam Schiff (D-Calif.)
Cory Booker (D-N.J.)
Elissa Slotkin (D-Mich.)
John Fetterman (D-Pa.)
Maggie Hassan (D-N.H.)
Martin Heinrich (D-N.M.)
Jon Ossoff (D-Ga.)
Alex Padilla (D-Calif.)
Jacky Rosen (D-Nev.).
The bill is now teed up for Senate debate.
However, Sen. Elizabeth Warren (D-Mass.)—the top Democrat on the Senate Committee on Banking, Housing, and Urban Affairs—said on the Senate floor Monday that the bill's "basic flaws remain unaddressed," according to prepared remarks.
Warren is concerned, in particular, that the bill does not "rein in the president's crypto corruption."
