Warren Targets GOP’s Crypto Wallet Loophole in GENIUS Act – Amendment Could Block Trump’s Wallet Ambitions

Senator Elizabeth Warren is challenging a provision in the bipartisan GENIUS Act that exempts certain cryptocurrency wallet providers from regulatory oversight. Her proposed amendment aims to close what she describes as a loophole, potentially preventing President Donald Trump and his family from profiting off stablecoins or wallet infrastructure.

Warren alleges Republicans inserted a last-minute exemption for crypto wallets, which could benefit Trump’s reported plans to launch a wallet tied to the USD1 stablecoin. "The American people deserve transparency and integrity, not backroom deals to enrich former presidents," Warren stated. Fellow Democrats, including Senator Jeff Merkley, have raised concerns that the bill could enable influence peddling under the guise of innovation.

The amendment WOULD impose strict anti-corruption measures, banning sitting presidents and their families from financial gains in the crypto sector. Warren has vowed to oppose the GENIUS Act unless the wallet exemption is removed.