Warren and Merkley Lead Charge Against Trump’s GENIUS Act—Crypto’s Latest Regulatory Battleground

Senators Elizabeth Warren and Jeff Merkley are rallying opposition to Trump’s controversial GENIUS Act, setting the stage for a high-stakes clash over crypto regulation. The move signals growing political tensions as digital assets become a wedge issue in Washington.

Warren—a long-time crypto skeptic—and Merkley are framing the fight as consumer protection versus innovation. Meanwhile, lobbyists on K Street are already placing bets on which side Wall Street will bankroll.

The GENIUS Act’s fate could hinge on whether lawmakers view it as forward-thinking policy or just another handout to Silicon Valley and hedge funds—because when has either group needed more tax breaks?

GENIUS Act tied to UAE crypto deal

The legislation, formally titled the Generating Entrepreneurship and New Income Using Stablecoins Act, has sparked concern across Washington for the inclusion of certain provisions that could compromise election safeguards.

Critics have argued that these provisions WOULD permit unlimited, untraceable crypto-based political donations, deregulate stablecoin issuance, and allow sitting lawmakers to hold stakes in digital asset ventures.

President Trump’s trip to the Middle East this week has further intensified scrutiny. He is expected to finalize a $2 billion investment agreement with UAE-backed investment fund MGX, Binance, and World Liberty Financial, a crypto enterprise controlled by his family.

Democrats have argued that the deal directly overlaps with the policy goals of the GENIUS Act and represents a clear conflict of interest. Lawmakers have also raised concerns about the money being invested in Binance and the exchange’s involvement with Trump-affiliated ventures.

The timing of the deal has fueled accusations that the bill is not about financial innovation, but about enriching Trump’s inner circle while undermining election integrity.

‘Crypto-Corporate Coup’

Our Revolution, founded out of Senator Bernie Sanders’ 2016 presidential campaign, says more than 10,000 of its members have already signed a petition urging Democrats to reject the GENIUS Act. The petition will be delivered directly to Senate offices this week.

Warren and Merkley will be joined on the call by tech watchdog Molly White, Mark Hays of Americans for Financial Reform, and Our Revolution’s Executive Director Joseph Geevarghese. Together, they will analyze the legislation’s risks and chart a path for organized grassroots resistance.

According to the group, the GENIUS Act is the culmination of a $200 million campaign by crypto speculators to influence US politics during the 2024 election cycle.

The call will lay out how everyday Americans can fight back against what organizers call a crypto-corporate coup.