Senate Banking Committee Chairman Tim Scott criticized partisan politics for the failure of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act during a Senate speech on May 8, which was expected to enhance affordability and innovation. Scott blamed political divisions for the bill not reaching cloture in the Senate, stating that it prioritized partisan politics over policy and innovation. The bill had undergone amendments to address concerns raised by Democrats regarding stablecoin issuers and Anti-Money Laundering provisions. Scott, a South Carolina Republican, accused Democrats of changing their stance when the media spotlight was on, alleging that it was a move against President Trump’s legislative agenda. Massachusetts Senator Elizabeth Warren voiced concerns about a Trump family-linked stablecoin, USD1, surging in value due to a purported shady crypto deal with the United Arab Emirates. Democrats have sponsored bills like the MEME Act and the End Crypto Corruption Act to prevent federal officials from benefiting from memecoins and crypto assets. Senator Jeff Merkley and Senate Minority Leader Chuck Schumer introduced the End Crypto Corruption Act to ban government officials and their families from financially benefiting from issuing, endorsing, or sponsoring crypto assets. The proposed legislation aims to prevent corruption and conflicts of interest in the crypto space. Warren and other Democrats have expressed opposition to the GENIUS Act, citing concerns about facilitating Trump’s alleged crypto corruption. The ongoing debate highlights the intersection of politics, legislation, and cryptocurrency in the US.