Referring to a stablecoin bill that was making its way through congress, U.S. Senator Elizabeth Warren accused Donald Trump of using the legislation for personal financial interests.
The Massachusetts senator critiqued the “Financial Innovation and Technology for the 21st Century Act” (FIT21) bill that was finding its path through the Congress and wrote on X, “This is Donald Trump’s latest grift to enrich himself. Congress should step up and fix the current stablecoin bill moving through the Senate that will make it easier for Trump – and Elon Musk – to take control of your money.”
She further explicitly explained her point of reference by linking a post about World Liberty Financial, Trump’s decentralized finance project, launching its own stablecoin USD1 on Ethereum and Binance’s BNB Chain, to her tweet.
However, according to House Committee on Agriculture Chairman Glenn “GT” Thompson, the FIT21 market structure legislation compiled by the House Financial Services and Agriculture Committees “[….] is a regulatory foundation to safeguard consumers and investors but also propels American leadership in digital finance,”.
Meanwhile, the US president who is vehemently working towards making America the “crypto capital of the world”, created a SEC Task Force dedicated to overseeing digital asset regulations. During a video call at the Blockworks crypto conference in New York last Thursday, Trump called for “simple, common-sense rules for stablecoins and market structure”.
