This month’s transportation funding in the Senate passage of the GENIUS Act to regulate stablecoins. Sounds responsible, right? Dig a little deeper. Sixty-eight senators, including some Democrats, gave the thumbs up, but the elephant in the room is glaringly obvious: Donald Trump's crypto dealings. Billions of dollars flow into his diaper from meme coins and token sales. Yet simultaneously, his administration has been behind the scenes actively trying to push bad new crypto legislation. What is going on?
Trump's Crypto Millions Unaddressed?
Let's be blunt. Further, while the GENIUS Act prohibits members of Congress from profiting off of stablecoins, it grandiosely excludes the President and his immediate family from this prohibition. You know that $57.35 million Trump just pocketed from World Liberty Financial. Or the projected $320 million in fees brought about by a meme coin associated with him? That's not pocket change. That's serious money, potentially influencing policy decisions. The bill's acronym, GENIUS, feels tragically ironic. Who's the genius here? And certainly not the American people who deserve more than corrupt self-dealing and dysfunctional governance from their government.
It would be like banning insider trading with a law that specifically exempted the stock exchange’s own CEO. How does that make sense? It doesn't.
It's not just about the money. It's about the precedent. By allowing this blatant conflict of interest to stand, the Senate is sending a clear message: some people are above the law. This isn’t just a regulatory blindspot; it's simply baked in corruption.
What Unintended Consequences Await Us?
Picture this world in which every elected official—because you better believe they would—after hearing Trump’s example, unabashedly puts money into the other industries he regulates. A world where policy-making is determined not by what’s best for public but by what is best—financially—for the individual. Is that the future we want?
The GENIUS Act was a chance to move forward with the smart, responsible regulation of crypto and digital assets. Instead, it’s turning into a case study in regulatory capture. This bill, though well-intentioned in its desire to inject clarity and greater national guidance, ironically opens the door for even more exploitation. It’s no wonder that the crypto industry is already a top 25 political spender. With Trump’s endorsement and the administration’s backing, it’s only going to get worse and more entrenched.
Consider the implications for stablecoin adoption. Once people lose faith in the integrity of the regulatory process, people will begin to distrust stablecoins. This erosion of trust will severely limit the prospects for mass adoption of these digital assets. The innovation the GENIUS Act is meant to promote could be crushed by its own internal contradictions.
This isn’t really a story about crypto—instead, it’s another example of the erosion of trust in our institutions. How can we come back to people and ask them to trust the system when they witness this sort of flagrant double standards?
Is Crypto Regulation Just a Façade?
Sure, the Senate passed the GENIUS Act with strong bipartisan support, you have to wonder why. Senator Elissa Slotkin, one of the few bipartisan votes for the bill, took in $510,000 in campaign support from a crypto aligned political action committee. Coincidence? Maybe. It doesn’t stop there — it raises serious questions about the influence of money in politics.
Think about it: Coinbase CEO Brian Armstrong met with Trump and praised his crypto moves. In a letter Treasury Secretary Scott Bessent implored the Senate to pass the bill before recess, arguing that stablecoins are poised for explosive growth. It all seems a bit too chummy, doesn’t it.
Today, the GENIUS Act exposes a fundamental flaw in our political system. The revolving door between government and industry is turning as quickly as ever, and the American people are getting queasier. We need proactive regulations that protect consumers in a meaningful way and commercialize innovation. Let’s free these important dollars from rules that enrich only politicians and their cronies.
The bill now moves to the House, where its fate remains uncertain. Lawmakers could still attempt to attach a more expansive market structure bill, which would make things more complicated. Trump wants this on his desk before the August recess. The important question is not whether the GENIUS Act will pass, but rather, what sort of precedent will it create. Will it lead to the development of a more holistic and pro-market ideas-based crypto regulation? Or will it open the floodgates of even more corruption and manipulation?
It’s time for us to call for transparency, accountability, and a level playing field. The future of crypto and the future of our political system’s integrity rests on it. Take action to make sure this bill doesn’t become a monument to greed and hypocrisy. Keep raising your voice, keep demanding more, and keep holding our leaders at every level accountable.
