Source: Stand With CryptoDemocratic lawmakers’ approach to crypto shows split in partyOn May 19, moderate Democratic Senator Mark Warner announced he would support the bill, stating that it was “not perfect, but it’s far better than the status quo.”Warner set corruption concerns aside, stating, “Many senators, myself included, have very real concerns about the Trump family’s use of crypto technologies to evade oversight [...] But we cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay.”Warner concluded it would be better for the US to move forward on imperfect stablecoin legislation than to fall behind other jurisdictions. Democratic Senator Kirsten Gillibrand, one of the bill’s sponsors, also pushed aside Trump corruption concerns, saying they should be addressed separately. Related: US Senate moves forward with GENIUS stablecoin bill“A lot of what President Trump is engaged in is already illegal,” she said, adding that she didn’t want the president’s scandals to “distract us from the important goal of having a clear regulatory structure in the United States that can onshore this industry.”During the vote, progressive Democrats disagreed.
The decision essentially strips Hogg of his title at the DNC and, with it, the ability to promote his controversial policy of sponsoring progressive challengers in Democratic primary elections. Hogg had planned to spend $20 million to support progressive and young candidates in Democratic Party primaries as part of the “Leaders We Deserve” campaign — an activist group that aims to elevate younger leaders with a more combative tone against the Trump administration. With the stablecoin bills in the House and Senate poised to move ahead, the Democrats seem ill-suited to mount an effective opposition to the bills.
Related: What to expect at Trump’s memecoin dinnerChris Kluwe, a former American football player who has since become a prominent activist within Democratic politics, said on May 20 he was “excited to get a chance to speak at the CA state Dem convention on May 31st, I’m sure [the bill] won’t come up at all in the 4 minutes I’ve been allotted.”On BlueSky, labor researcher and media law historian Peter Labuza posted “Primary List” in reply to a post of the 16 Democratic senators who helped support the bill.
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