U.S. STABLECOIN LEGISLATION URGENT" DEMOCRATS BRAKE URGENTLY: THE GENIUS LAW HAS LOOPHOLES, AND CRYPTO-FRIENDLY POLICIES HAVE BECOME TRUMP'S SELF-FATTENING TOOLS

DEMOCRATIC LAWMAKERS WHO PREVIOUSLY SUPPORTED THE GENIUS BILL SEEM TO HAVE RECENTLY TURNED AROUND AND ANNOUNCED THEIR CONCERNS ABOUT THE LEGISLATION. At the same time, recent developments by the Democratic Party also indicate that they are becoming conservative in their participation in crypto legislation, citing Trump's much-questioned "cryptocurrency corruption" problem. (Synopsis: Trump has amassed wealth in 100 days, and the Senate must thoroughly investigate it) (Background supplement: Trump was choked as "the most self-fattening president in history": two crypto dinners in May, 1.5 million magnesium for seats) Since taking office in January this year, US President Trump has indeed actively promoted the development of the US cryptocurrency industry as his campaign promised. One of the most representative policies is to promote the legislative work of the GENIUS Act, which aims to regulate the stablecoin market. The bill was supported not only by Republicans, but also by a number of Democratic lawmakers, including Ruben Gallego, Mark Warner, Lisa Blunt Rochester, Andy Kim and Angela Alsobrooks. Democratic lawmakers withdraw support for GENIUS Act However, according to Cointelegraph, this tailwind has recently reversed. Four of the five Democratic lawmakers issued a joint statement on May 3 expressing concern about the bill's current legislative direction. They noted that there are still many issues to be addressed in the current law, including strengthening anti-money laundering provisions, regulations for foreign issuers, national security considerations, and ensuring the stability and accountability of the financial system. Although the statement did not explicitly address Trump's much-questioned "cryptocurrency corruption", the combination of other recent actions by Democratic lawmakers shows that the current Democratic Party's participation in crypto legislation is becoming more conservative. For example, Maxine Waters, the Democratic leader of the House Financial Services Committee, and other members of her party plan to collectively miss a hearing titled "Innovation and the Future of Digital Assets in America." According to staff familiar with the rules of procedure, according to House rules, the hearing cannot continue if a member is absent. The hearing was scheduled to consider a draft bill introduced on May 5 by Republican Rep. French Hill and a number of party dignitaries to redivide the regulatory responsibilities of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for crypto assets. In addition, Waters, which has repeatedly called for cross-party cooperation on the crypto bill, has also explicitly criticized Trump for popularizing his family-led crypto investment company World Free Finance (WLFI). She bluntly said that the "TRUMP memecoin" issued by Trump on the day of his inauguration was "the worst masterpiece in crypto" and expressed strong opposition to the stablecoin project "USD1" that WLFI is promoting. Expert analysis: the Democratic Party's move may be politically motivated However, some experts believe that the Democratic Party's shift may not be entirely based on moral or policy aspects. For example, Aaron Brogan, a lawyer who focuses on crypto regulation, points out that "these senators are unlikely to suddenly wake up and realize that the relatively moderate bills they previously supported lacked the safeguards they now emphasize." This, he argues, may be more likely to be political chip manipulation or pressure from financial owners. Brogan mentioned that the political action committee "Protect Progress" donated millions of dollars to the election of Ruben Gallego, and the important beneficiaries of the committee include crypto exchange Coinbase. Brogan speculated that the financiers might have preferred a "friendlier" alternative. He added: "Coinbase has been trying to tie market structural reforms to stablecoin legislation to increase the likelihood of the overall bill passing. However, due to Trump's controversial and partisan wrangling, the future of the GENIUS Act and even cryptocurrency regulation in the United States has added some variables, it remains to be seen whether Trump can deliver on his promise to build a "crypto power" or really just use it as a new tool for family profit. Related reports Trump positively denied using cryptocurrencies to make money: "I haven't seen it, holding positions may be profitable" New York Times long article: dig up the Trump family's "crypto blood earning plan" from scratch The United States owes Taiwan, Japan and South Korea allies? Trump: I'm not sorry at all, China's 145% tariff is what they deserve [US stablecoin legislation urgent) Democratic Party brakes: GENIUS law has loopholes, crypto-friendly policies become Trump's self-fattening tools" This article was first published in BlockTempo "Dynamic Trends - The Most Influential Blockchain News Media".