Scott: “Politics Took Priority Over Innovation”

Scott emphasized that the bill had gone through bipartisan negotiations and revisions before it was brought to a vote. However, according to him, Democrats withdrew their support at the last moment:

“This legislation was an opportunity to make the American economy safer and more affordable. But when the cameras came on, political calculations took over.”

Scott claimed that the last-minute opposition had nothing to do with the bill’s content, but was instead aimed at blocking a legislative win for former President Donald Trump:

“This vote was about stopping Trump. It was about preventing a victory in the digital asset space.”

Democrats Warn Against “Legitimizing Trump’s Crypto Interests”

Democrats pushed back strongly. Senator Elizabeth Warren raised alarms over the sudden rise of the USD1 stablecoin, which has alleged ties to the Trump family. She described the recent developments as a “suspicious crypto deal.”

“The Senate shouldn’t be passing legislation this week that facilitates this kind of corruption,” she said.

According to public data, USD1 was used by UAE-based investment firm MGX to fund a $2 billion investment in Binance on May 1. The stablecoin’s market cap skyrocketed from $137 million to over $2.1 billion within 24 hours.

Democrats Introduce Stricter Crypto Oversight

Beyond the GENIUS Act, Democrats are also ramping up efforts to regulate crypto-related conflicts of interest. New proposals such as the MEME Act and the End Crypto Corruption Act aim to prohibit federal officials from profiting off memecoins and stablecoins.

Senator Jeff Merkley highlighted the risks:

“If people can enrich the president by purchasing crypto he controls, that’s a pathway to corruption. It compromises national security and erodes public trust.”

Representative Maxine Waters was more direct in her criticism, stating:

“If no effort is made to prevent the President from owning a stablecoin business, I cannot in good conscience support this bill—and I urge others not to enable it.”

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US Congress to Consider Bill Banning Presidential Memecoins

The US Congress is reportedly set to consider a bill that would ban the issuance of memecoins, such as President Donald Trump’s Official Trump (TRUMP) token.

House Democrats are preparing to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would prohibit public officials from profiting from digital assets.

California Representative Sam Liccardo stated on February 27 to ABC News that the bill would impose a broad ban on public officials issuing, sponsoring, or endorsing any securities, commodities, or digital assets.

“Let’s make corruption criminal again,” said Liccardo, adding that US public offices belong to the public, and officials should not be allowed to use their political authority for financial gain.

Bill to Prohibit Public Officials from Issuing Digital Assets

The MEME Act, expected to be introduced on February 27, will cover the president, vice president, members of Congress, senior executive branch officials, as well as their spouses and dependent children.

Liccardo stated that the bill addresses the financial exploitation of the public through the Trumps’ issuance of memecoins, raising concerns about insider trading and foreign influence over the executive branch. He added that the bill would prevent public officials from using digital assets for financial gain and is an important step in restoring public trust.

Democrats argue that the bill is critical to ensure the government operates more transparently and in the public’s interest.

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