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OAN Commentary by: Edward Woodson
Monday, June 9, 2025
President Trump is once again trying to put America first, and once again, a handful of senators seem determined to get in the way.
This time, the battleground is a little-known but deeply important piece of legislation called the GENIUS Act. It would create a legal framework for dollar-backed “stablecoins,” a new kind of digital asset that that is like a digital dollar. The GENIUS Act would allow American companies that adhere to a rigorous, consumer protection-focused regulatory regime create stablecoins that are backed by the U.S. dollar. In other words, they could be redeemed for dollars 1-to-1. This will ensure that the digital currency of the future is backed by U.S. dollars instead of the currencies of America’s adversaries.
The Trump administration has been clear that it wants this bill passed clean and fast. According to Song Ke, the Executive Vice President of Renmin University of China’s Shenzhen Research Institute, China has already approved “the world’s first official legislation targeting stablecoins, setting a policy benchmark globally.” Its stablecoin law takes effect in August, and it’s not a coincidence that President Trump wants to sign U.S. stablecoin legislation by that same month.
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But instead of backing the president’s agenda, some senators are threatening to sabotage it.
One wants to slap on a cap for credit card interest rates, a price control scheme endorsed by Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez. Another wants to jam in a controversial routing scheme into the GENIUS Act, which would gut credit card rewards programs and hit middle-class Americans where it hurts. These amendments have nothing to do with stablecoins and everyone knows it. They’re excuses to tank the bill cloaked as sincere amendments. One senator, Thom Tillis, has already said he’ll take away his pledge to vote for the GENIUS Act should one of the two amendments mentioned receive inclusion.
If this bill doesn’t pass this week, these troublemaking senators will hand a major victory in the global economic race to Beijing.
While members of the Senate bicker and delay, China is moving full speed ahead. Their state-run digital currency is already in trials in other countries. They’ve built partnerships with global banks and are working to make the digital yuan a default option for trade and settlement. If we do nothing, it won’t be long before American businesses are pressured to settle transactions in Chinese-controlled digital currency. When that happens, America’s national security will come under as much risk as its economic independence.
As Treasury Secretary Scott Bessent put it, “The world is watching while American lawmakers twiddle their thumbs. Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore.”
Torpedoing this bill won’t hurt President Trump, big banks, or tech companies. It will hurt American workers, American families, and American sovereignty. Because the more we delay, the more ground we cede to China. We cannot let that happen.
President Trump is doing his part. He’s fighting to bring tech leadership and 21st century America First economic policies to this country. Now it’s time for Congress to join him. That should start with passing the GENIUS Act.
(Views expressed by guest commentators may not reflect the views of OAN or its affiliates.)
Edward Woodson is a Miami-based lawyer and political commentator. He hosts his own radio show and has filled in on others’, including Laura Ingraham.