Binance at Center of Political Storm as Senate Democrats Oppose Trump-Backed Crypto Bill
Senate Democrats, led by Elizabeth Warren and Reuben Gallego, are strongly opposing the GENIUS Act, a stablecoin bill endorsed by former President Donald Trump. The lawmakers argue that the current version of the bill lacks sufficient anti-money laundering (AML) safeguards and could potentially "facilitate corruption." This opposition comes in the wake of a controversial $2 billion deal between Trump-affiliated World Liberty Financials and Binance, which has raised concerns about the potential misuse of cryptocurrency for illicit activities. The Democrats’ revolt has thrown the bill’s passage into uncertainty, as they push for stricter regulations to prevent financial crimes. The GENIUS Act, which aims to provide a regulatory framework for stablecoins, is now in limbo as the debate over cryptocurrency regulation heats up in Washington. The involvement of Binance in the deal has further intensified scrutiny, with critics questioning the exchange’s compliance with AML standards. As the political battle unfolds, the future of the GENIUS Act remains uncertain, with significant implications for the broader cryptocurrency market.
Senate Democrats Revolt Against Trump-Backed Crypto Bill, Putting GENIUS Act in Limbo
Senate Democrats, led by Elizabeth Warren and Reuben Gallego, are mounting opposition to the GENIUS Act, a stablecoin bill supported by former President Trump. The lawmakers demand stronger anti-money laundering safeguards, warning the current version could "facilitate corruption" following a controversial $2 billion deal between Trump-affiliated World Liberty Financials and Binance.
The bill’s passage hinges on Thursday’s vote, but bipartisan consensus appears fractured. Warren specifically cited WLFI’s rapid rise to become the world’s seventh-largest stablecoin through Middle Eastern deals as evidence of regulatory vulnerabilities. market analysts suggest the political standoff may create short-term volatility for governance-linked tokens.
Binance Founder CZ Advises Kyrgyzstan to Adopt Bitcoin and BNB as National Crypto Reserve
Binance founder Changpeng Zhao has recommended that Kyrgyzstan integrate Bitcoin and BNB into its National Crypto Reserve. The proposal comes as part of a formal agreement signed between Binance and the Kyrgyz government in Bishkek, signaling a strategic move toward digital asset adoption.
The initiative positions Kyrgyzstan among a growing list of nations exploring cryptocurrency reserves. Bitcoin’s scarcity and BNB’s utility within the Binance ecosystem could provide the Central Asian country with a diversified crypto foundation. Market observers note the timing aligns with increased institutional interest in digital assets globally.
VanEck Files for Spot BNB ETF Amid Market Indifference
Global investment firm VanEck has submitted an application to the SEC for a spot BNB exchange-traded fund, marking a significant institutional move for Binance’s native token. The filing failed to ignite bullish momentum, with BNB posting marginal losses across all tracked timeframes—down 0.3% daily, 2.2% weekly, and 0.8% monthly.
Regulatory winds may be shifting as the SEC welcomes new leadership. Paul Atkins, known for his crypto-friendly stance, replaces Gary Gensler at the helm. Market observers speculate this changing of the guard could improve approval odds for digital asset products. The political climate appears increasingly favorable, with former President Trump recently voicing support for domestic crypto industry growth.
XRP Faces Resistance at $2.30 as Market Adopts ’Wait and See’ Approach
XRP’s bullish momentum hit a wall at the $2.30 resistance level, a key 50% retracement threshold that triggered liquidations among overleveraged longs. The rejection coincides with a curious divergence: while whale holdings reach record highs and Binance traders maintain net-long positions, on-chain activity paints a more cautious picture.
New address creation has declined steadily since December, and exchange outflows have dwindled compared to January’s accumulation frenzy. This suggests institutional players are positioning for Ripple’s impending legal resolution with the SEC rather than chasing short-term gains.
The liquidation heatmap reveals concentrated bearish pressure NEAR current price levels, creating headwinds for another immediate push upward. Market participants appear to be hedging their bets—building strategic positions without the frothy enthusiasm typical of crypto bull markets.
Binance Partners with Kyrgyzstan to Launch Crypto Payments and Blockchain Education
Binance has forged a strategic alliance with Kyrgyzstan to establish a nationwide cryptocurrency payment infrastructure and blockchain education initiatives. The partnership, announced on May 4 during the inaugural meeting of Kyrgyzstan’s Council for Digital Asset Development, signals a significant step toward mainstream crypto adoption in Central Asia.
The agreement was formalized between Binance and the National Investment Agency under President Sadyr Zhaparov’s office. Discussions took place during a two-day summit at Lake Issyk-Kul, where government officials and crypto industry leaders explored the country’s digital asset potential.
Senator Warren Opposes GENIUS Act, Citing Crypto Corruption Concerns
United States Senator Elizabeth Warren is leading the charge against the GENIUS Act, a bipartisan bill aimed at regulating stablecoins. The legislation, formally known as the Guiding and Establishing National Innovation for US Stablecoins Act, has faced mounting criticism over perceived weaknesses in anti-money laundering safeguards and potential national security risks.
Warren’s opposition intensified following revelations of a deal involving World Liberty Financial, a company linked to former President Donald Trump, and UAE-based MGX. The agreement centers on WLFI’s USD1 stablecoin and a $2 billion investment tied to Binance. Critics argue such arrangements exemplify the regulatory gaps the bill fails to address.
The political landscape around crypto regulation appears increasingly volatile, with at least ten senators withdrawing their initial support. Market participants are watching closely as the debate could significantly impact the trajectory of stablecoin adoption in mainstream finance.