Senator Warren Opposes GENIUS Act Over Trump-Linked Stablecoin Deal

By: cryptosheadlines|2025/05/05 20:00:08
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Senator Warren opposes the GENIUS Act over concerns linked to the Trump-backed USD1 stablecoin deal.Ten senators withdrew support after claims the bill lacks strong money laundering and security protections.WLFI paused USD1 exchange listing plans as it waits for clear regulatory direction on the GENIUS Act.US Senator Elizabeth Warren has raised opposition to the GENIUS Act, citing concerns over financial gains tied to a Trump-backed stablecoin. The legislation, once supported across party lines, now faces growing resistance in the Senate.The Trump family stablecoin surged to 7th largest in the world because of a shady crypto deal with the United Arab Emirates—a foreign government that will give them a crazy amount of money.The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption. pic.twitter.com/4is9KgpXQb— Elizabeth Warren (@SenWarren) May 4, 2025The bill, officially known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, seeks to regulate stablecoins across the US. However, its link to the USD1 stablecoin has stirred controversy. Critics say the legislation could create unfair advantages for Trump-linked financial entities.USD1 Stablecoin Deal Draws ScrutinyAt the center of the controversy is World Liberty Financial (WLFI), a firm backing USD1. WLFI recently entered a deal with UAE-based firm MGX. This arrangement reportedly relies on the USD1 stablecoin to finalize a $2 billion investment through Binance. The partnership caused a spike in USD1’s trading volumes and market cap.Senator Warren raised concerns about this arrangement, noting the possibility of an unjust financial benefit. According to her office, the deal may create loopholes in financial transparency and enforcement. She also warned of potential national security risks due to limited anti-money laundering provisions in the bill.Senators Withdraw Support Ahead of House VoteTen senators have withdrawn their support following Warren’s objections. They cited the bill’s failure to include clear safeguards on money laundering and foreign interference. This shift in opinion now threatens the bill’s prospects in the House of Representatives.Despite this, the Trump administration had previously expressed high confidence in the GENIUS Act. Officials expected the bill to pass before the end of May. However, growing pushback from lawmakers has slowed its momentum.WLFI Pauses USD1 Exchange PlansWLFI is now pausing its plans to list USD1 on centralized exchanges. Reports suggest the firm is waiting for clarity before moving forward with its roadmap. The delay could impact USD1’s efforts to challenge Tether, which remains the dominant stablecoin in the market.Lawmakers are now under pressure to review the bill’s implications before the House vote. With support dwindling, the future of the GENIUS Act remains uncertain. The Trump administration may face added challenges in pushing the legislation through without significant amendments.Source link

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WEEX P2P update: Country/region restrictions for ad posting

To improve ad security and matching accuracy, WEEX P2P now allows advertisers to restrict who can trade with their ads based on country or region. Advertisers can select preferred counterparty locations for a safer, smoother trading experience.

 

I. Overview

When publishing P2P ads, advertisers can now set the following:

Allow only counterparties from selected countries or regions to trade with your ads.

With this feature, you can:

Target specific user groups more precisely.Reduce cross-region trading risks.Improve order matching quality.

 

II. Applicable scenarios

The following are some common scenarios:

Restrict payment methods: Limit orders to users in your country using supported local banks or wallets.Risk control: Avoid trading with users from high-risk regions.Operational strategy: Tailor ads to specific markets.

 

III. How to get started

On the ad posting page, find "Trading requirements":

Select "Trade with users from selected countries or regions only".Then select the countries or regions to add to the allowlist.Use the search box to quickly find a country or region.Once your settings are complete, submit the ad to apply the restrictions.

 

When an advertiser enables the "Country/Region Restriction" feature, users who do not meet the criteria will be blocked when placing an order and will see the following prompt:

If you encounter this issue when placing an order as a regular user, try the following solutions.

Choose another ad: Select ads that do not restrict your country/region, or ads that allow users from your location.Show local ads only: Prioritize ads available in the same country as your identity verification.

 

IV. Benefits

Compared with ads without country/region restrictions, this feature provides the following improvements.

Aspect

Improvement

Trading security

Reduces abnormal orders and fraud risk

Conversion efficiency

Matches ads with more relevant users

Order completion rate

Reduces failures caused by incompatible payment methods

V. FAQ

Q1: Why are some users not able to place orders on my ad?
A1: Their country or region may not be included in your allowlist.

 

Q2: Can I select multiple countries or regions when setting the restriction?
A2: Yes, multiple selections are supported.

 

Q3: Can I edit my published ads?
A3: Yes. You can edit your ad in the "My Ads" list. Changes will take effect immediately after saving.

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