Stablecoin Bill Gives Trump’s Corruption a Pass to Reward Crypto Billionaires
WASHINGTON, D.C. – The Senate voted tonight to advance a stablecoin bill – a type of cryptocurrency where purchasers can pay typically $1 for each stablecoin token. President Donald Trump announced a deal May 1 where an Abu Dhabi fund bought $2 billion worth of his recently launched stablecoin. Arms, drugs, and human traffickers favor stablecoins because transactions can be anonymous. Congressional support for crypto legislation follows unprecedented political spending by the crypto industry documented in several Public Citizen reports.
Statement from Lisa Gilbert, co-president of Public Citizen:
“Democrats correctly deride Republicans for abetting Trump’s endless, daily, sulfurous corruption. But given the chance to stand up to his crypto grift – perhaps the most reeking corruption in presidential history – too many Democrats instead yielded to another depravity, namely unprecedented political spending by a handful of crypto corporations and billionaires.”
Statement from Bartlett Naylor, financial policy advocate for Public Citizen:
“Supporters claim this bill improves consumer and investor protections for a $250 billion sector. Yet industry drafted this bill, with no consumer or investor advocate input. In reality, the legislation awards the imprimatur of U.S. law to a sector only truly useful for illicit finance.”