Market Brief
Daily market recaps with key events, stock movements, and global influences
Democratic senators intensified their opposition to the Republican-backed GENIUS Act, a sweeping digital-assets bill expected to reach a Senate vote next week. Sens. Elizabeth Warren, Richard Blumenthal and Jeff Merkley accused Majority Whip John Thune of blocking amendments that would bar elected officials from profiting from cryptocurrency ventures and impose stricter oversight on private stablecoins. They warned that, without changes, the legislation could facilitate what they called "blatant crypto corruption" involving President Donald Trump’s financial interests. Separately, Warren and Blumenthal requested detailed information from Meta Platforms about its revived stablecoin initiative. Their letter also seeks explanations for MGX’s plan to channel a $2 billion investment in Binance through Trump’s World Liberty stablecoin, citing potential conflicts of interest and systemic risks. Momentum around private digital currencies is building as the bill advances. Retailers including Amazon, Walmart and Expedia have signaled interest in issuing their own stablecoins once the regulatory landscape is clarified, drawing fresh criticism from consumer advocates and progressive lawmakers. In the House, the Financial Services Committee has already cleared the companion CLARITY Act, which President Trump wants enacted before August. Sources told Unchained that a bipartisan effort to add ethics guardrails to that measure was quietly shelved after objections from the White House, underscoring the partisan divide over how far Congress should go in policing officials’ crypto dealings.
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