The Senate is moving ahead on crypto regulation, and some senators have invested in crypto-related companies.
As the question of stablecoin regulation heats up in the US Senate, so has the issue of which members are personally invested in cryptocurrencies and cryptocurrency firms.
On May 19, the Senate voted to invoke cloture and move ahead with the GENIUS Act, which would provide a regulatory framework for stablecoins. The measure passed 66-32, with 16 Democrats supporting the bill.
Democratic concerns over corruption and politicians’ ties to cryptocurrency firms made the bipartisan move controversial. After the vote was finished, Colorado Senator Michael Bennet introduced the STABLE GENIUS Act. The bill would prevent members of Congress from issuing or investing in digital currency and require them to put their crypto in a blind trust while in office.
