Washington, D.C. — Colorado U.S. Senator Michael Bennet, member of the Senate Committee on Rules and Administration with oversight of campaign finance laws, introduced an amendment on Monday to the GENIUS Act to address the rampant corruption seen at the highest levels of the government. Bennet’s amendment prevents the President and Vice President from issuing or endorsing stablecoins.
Here’s what they’re saying:
Punchbowl News: Michael Bennet, stablecoin pirate
Sen. Michael Bennet’s amendment would expand the GENIUS Act’s definition of “senior executive branch official” to include the president and vice president of the United States.
Bennet told us he didn’t inform Minority Leader Chuck Schumer or top Senate Banking Committee Democrat Elizabeth Warren (Mass.) about the move ahead of time.
“This was just an act of piracy by Michael Bennet,” said Bennet.
The why: Bennet says he was responding to constituents back home with “deep worries about the corruption that Donald Trump wears on his sleeve.” The Colorado Democrat also said he was perturbed that the bill was moving so quickly, which he attributed to crypto’s looming campaign war chest.
WATCH: Forbes Breaking News: Michael Bennet Slams Trump’s Crypto Dealings, Touts Bill To Ban Executive From Issuing Stablecoins
###