Warren Sounds Alarm on Crypto Legislation—Calls Out ’Shady’ Trump-Era Deal in Senate Push
Senator Elizabeth Warren just dropped a political grenade in DC—urging colleagues to block crypto legislation she claims reeks of backroom deals from the Trump era. No vague warnings here: she’s naming names and dragging old ghosts into 2025’s regulatory fight.
Why now? With Bitcoin flirting with ATHs again, the Senate’s crypto wars just got personal. Warren’s move cuts through the usual bipartisan sludge—but smells suspiciously like political theater timed for election season. Classic Washington: where ’protecting investors’ means grandstanding while VCs quietly lobby for loopholes.
One thing’s clear: when crypto and politics collide, the only sure bets are hedge funds and popcorn sales.
Senator Warren Attacks USD1 Stablecoin
In her fresh attack on the Trump family, Massachusetts Senator Elizabeth Warren referred to the newly launched USD1 stablecoin, backed by short-term US Treasuries. This stablecoin has been issued by Donald Trump’s Defi project, World Liberty Financial.
The global stablecoin market currently surpasses $245 billion in circulation. According to CoinGecko, USD1 ranks seventh among stablecoins, with most being backed by short-term US Treasuries and other real-world debt instruments.
World Liberty’s USD1 will play a pivotal role as the settlement currency for MGX’s $2 billion investment in Binance, the global cryptocurrency exchange.
Abu Dhabi’s sovereign wealth fund is backing MGX, with Witkoff publicly announcing the deal last week during a crypto convention in Dubai, seated alongside Eric Trump.
Stop Crypto Legislation aka GENIUS Act
Senator Elizabeth Warren has been actively questioning Donald Trump’s association with the crypto industry, adding that the President and his peers are filling up their pockets by bending the rules.
While referring to the crypto legislation aka GENIUS Act last week, which seeks to establish the first US regulatory framework for stablecoins, Senator Warren said:
“This is a bill that would make it even easier for the president and his family to profit off their own stablecoin and oversee their own financial company.”
While further questioning Senate’s inaction in a Trump-associated crypto deal, Senator Warren called it “corruption in plain sight”. She warned that by advancing related legislation, lawmakers are effectively “greenlighting the grift”.
The GENIUS Act bill, sponsored by Senator Bill Hagerty (R-TN), gained bipartisan backing in March when it passed the Senate Banking Committee and is set for a floor vote this week.
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