Senators Warren, Merkley to headline national call opposing Trump’s GENIUS Act

Progressive group Our Revolution is mobilizing lawmakers and grassroots members in a national organizing call to stop what it calls an alleged sweeping “crypto power grab” led by President Donald Trump and his congressional allies. According to the press release shared with CryptoSlate, Senators Elizabeth Warren and Jeff Merkley will headline the virtual event on May 12. The event aims to rally opposition to the GENIUS Act, which aims to establish a formal regulatory framework for stablecoins. Critics argue that the legislation would legalize untraceable crypto donations in US elections, deregulate stablecoins, and allow public officials to profit from crypto ventures. The group further warned that the bill would “hand the keys of our democracy to crypto billionaires and Trump’s inner circle.” The effort comes as Trump embarks on a high-stakes diplomatic trip to the Middle East to secure a multibillion-dollar deal tied to his own crypto firm, which Democrats have criticized in recent weeks. 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. Source: https://cryptoslate.com/senators-warren-merkley-to-headline-national-call-opposing-trumps-genius-act/