Senators Plan To Amend GENIUS Act To Address Trump Family's Stablecoin

Even after advancing the bill to regulate payment stablecoins on May 20, high ranking Democrats are of the plans to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry.

As per a May 22 Axios report, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley are set to file an amendment to the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act. This is to block a US president from profiting from stablecoins.

Merkley said in a May 22 X post, “Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the highest bidder.”

Hyperliquid backs 24/7 crypto trading in CFTC comments submission

A decentralised perpetual exchange, Hyperliquid, which operates on its own layer-1 blockchain, has submitted formal comments on 24/7 derivatives trading to the United States Commodity Futures Trading Commission (CFTC).

According to Cointelegraph, the Hyperliquid Labs announced in a May 23 X post, that it has “submitted two comment letters to the [CFTC] in response to its recent Requests for Comment on perpetual derivatives and 24/7 trading.”

The team behind the decentralized exchange (DEX) added:

“We commend the CFTC for its proactive engagement on these topics, understanding of which is fundamental to the evolution of global markets.”

Hyperliquid also stated that it is committed to the advancement of the decentralized finance (DeFi) space. The team also claimed that its implementation “exemplifies how core DeFi principles can be put into practice to enhance market efficiency, market integrity, and user protection.”

Texas governor signals support for Bitcoin reserve bill

Greg Abbott, the Texas Governor, has signalled support for a bill recently passed by the state House of Representatives. The bill would establish a strategic cryptocurrency reserve.In a post on X on May 22, Abbott posted a Techstory article about Texas state lawmakers’ efforts to create a Bitcoin BTC$108,236 reserve.

The story pointed out that the decision for the passage of SB 21, the bill in question, now rests on Abbott’s shoulders.Abbott, since taking office, referred himself as a “crypto law proposal supporter” in 2021 and also suggested that he would support policies to establish Texas as a “crypto capital” in 2024. In the federal elections 2024, Texas was one of a handful of state-level governments that proposed setting up a strategic crypto reserve.

According to Cointelegraph, on May 6, Kelly Ayotte, New Hampshire Governor was the first to sign a Bitcoin reserve bill into law. Arizona Governor Katie Hobbs later approved a law allowing the state to claim ownership of unclaimed crypto. With roughly half of the 50 state governments considering a Bitcoin reserve, some jurisdictions have rebuffed efforts to pass similar legislation.