Sen. Warren Calls Out Potential Trump Family Conflict in Urging Senate to Pause Crypto Bill

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

May 4, 2025

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Sen. Elizabeth Warren has called on the Senate to delay the passage of a controversial digital asset bill, warning of potential corruption linked to the Trump family’s stablecoin project.

Over the weekend, Warren urged lawmakers to reconsider rushing through the bill. She pointed to the involvement of the Trump family’s World Liberty Financial in a high-stakes deal with the United Arab Emirates, which could have significant financial implications.

“The Trump family stablecoin surged to 7th largest in the world because of a shady crypto deal with the United Arab Emirates—a foreign government that will give them a crazy amount of money,” Warren wrote on Sunday.

Warren Calls Out Trump Family Stablecoin’s Involvement in $2B UAE Deal

The senator’s tweet draws attention to the family’s stablecoin, operated by World Liberty Financial, which recently garnered major attention due to its connection with the UAE’s massive investment in the project.

The Trump family’s stablecoin, pegged to the dollar, is linked to a $2b deal with the Emirati investment firm MGX. The firm, backed by Abu Dhabi’s sovereign wealth fund Mubadala and AI firm G42, announced its use of the stablecoin to facilitate its investment in Binance.

GENIUS Act Faces Senate Gridlock as Democrats Push Back Against GOP Revisions

The situation has become even more complex with the ongoing debate over the GENIUS Act, a landmark piece of legislation aimed at establishing federal regulations for stablecoins. This bill has become a flashpoint in the Senate, with bipartisan talks encountering significant hurdles. Politico reported that nine key Senate Democrats voiced opposition to revisions unveiled by GOP lawmakers, creating a roadblock in the negotiations.

The bill seeks to create the first-ever regulatory framework for stablecoins, and its passage is a key priority of Trump’s financial policy agenda. However, Democrats have shown concerns that the revised proposal fails to adequately address issues such as money laundering and the broader risks to the financial system.

GENIUS Act Hits a Snag as Both Parties Remain Far From Agreement

These concerns have led to growing friction behind the scenes, with some Democrats backing away from their earlier support for the bill.

Republicans, meanwhile, remain hopeful that they can win over enough Democratic support to move the bill forward. GOP aides are optimistic that further revisions could address some of the concerns raised by Democrats, though the clock is ticking with hopes of a floor vote by the end of the month.

Despite this, the ongoing negotiations signal that reaching a consensus on this issue may take more time than initially anticipated.