Source: The American Prospect
by David Dayen
“The crypto industry spent lavishly to buy a friendly Congress in the 2024 elections, with their donations making up almost half of all corporate donations to PACs last year. They hope this week will begin the return on that investment, with assistance from Senate Democrats. The Senate Banking Committee is expected this week to mark up the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a Republican-led bill co-sponsored by Sen. Kirsten Gillibrand (D-NY), the new chair of the Democratic Senatorial Campaign Committee. Gillibrand has worked for years to push industry-friendly crypto legislation through Congress, and she may have hit on a winning formula, with a critical mass of Democrats having received millions from crypto PACs and ready to collaborate with Republicans and the Trump White House.” (03/10/25)