WASHINGTON — Following a survey of its members, the Congressional Progressive Caucus announced its official position opposing the GENIUS and CLARITY Acts as currently drafted, which allow the President and his family to enrich themselves, engage in corruption, and sell access to the White House through cryptocurrency. Republicans in both chambers of Congress are advancing these bills for floor consideration.
The GENIUS Act (S.919) creates a federal framework for regulating stablecoins but fails to meet critical standards for anti-corruption and consumer protection. It includes a dangerous loophole that allows the President and family members to profit from stablecoins, enabling Trump’s crypto ventures—including a Trump-issued stablecoin used in a $2 billion UAE deal—to thrive unchecked.
The House’s CLARITY Act (H.R. 3633) proposes a broader crypto market structure overhaul but similarly fails to address Trump’s financial conflicts of interest or impose adequate consumer protections. It enables corruption through pay-for-play schemes involving Trump’s personal cryptocurrency and memecoin, while undermining regulatory enforcement and shielding bad actors. With loopholes for decentralized finance, unclear treatment of memecoins, and weakened SEC authority, the bill poses serious risks to investors, national security, and the integrity of the financial system.
