President Trump's drive for $200 billion in net worth got a significant boost today as the U.S. Senate passed the GENIUS Act, which provides for dollar backed stablecoins.
Trump II holds a 40% stake in USD1 stablecoin issuer World Liberty Financial, as well as 22.5 million $WLFI tokens.
I don't get stablecoins. .It's like contracting out your currency to a middleman (who you already know works with criminals).
Matt Stoller wrote:
The crypto bill is the wholesale deregulation of finance at the behest of big money donors. It’ll lead to another financial crisis, but the people who supported it won’t be blamed. So yeah it makes sense for cynics to support it.I imagine this will blow up much faster than Gramm-Leach-Bliley, the deregulation that enabled Wall Street to package financial garbage and push it on their clients. It took nearly a decade for the elimination of Glass-Steagall to result in the Fall 2008 Financial Crisis.
It takes financial cops to catch financial criminals and those are in very short supply. For Trump to hit his $200 billion net worth target "the pump must go on." The Senate did their part today, as did Treasury Chief Scott Bessent.
Pump, pump, pump...
