Trump, Stablecoin Profit Controversy… US Senate Pushes to Revise ‘Anti-Corruption Act’

The U.S. Senate is pushing for new legislation due to concerns about potential involvement between President Donald Trump and stablecoins. Democratic senators plan to submit an amendment to the GENIUS Act, passed in the Senate on the 20th, to block the president's personal interests. According to an Axios report on the 22nd (local time), Chuck Schumer, Elizabeth Warren, and Jeff Merkley are jointly preparing the amendment. The proposal prohibits the current president from gaining monetary benefits from stablecoins and shows differences of opinion with some Democratic lawmakers who have already supported the bill with the Republican Party. Merkley stated on X, "Passing the GENIUS Act without an anti-corruption amendment is tantamount to Congress tolerating the president's use of power to trade influence." It is known that President Trump and his three sons are involved with the World Liberty Financial (WLFI) platform, which launched a stablecoin called 'USD1' in March this year. Some suggest that President Trump could potentially benefit personally through stablecoin regulations linked to the WLFI platform. If this amendment passes, it could establish new ethical standards regarding politicians' involvement in the cryptocurrency industry. Meanwhile, Cetus, a decentralized exchange based on the Sui blockchain, is estimated to have suffered losses of over $2 million (approximately 292 billion won) due to a large-scale hacking attack. According to analysis by the decentralized security tool Extractor, hackers have already bridged at least $63 million worth of assets to Ethereum, with 20,000 ETH detected as transferred to a new wallet. Web3 researcher COMDARE3 shared Cetus's market data on X, stating that "multiple assets lost more than half their value within 24 hours." The decentralized trading analysis tool DexScreener also confirmed a sharp price drop in major tokens traded on Cetus. Abnormal capital movement within the Cetus protocol is also notable. The daily trading volume, which was around $320 million on the 21st, surged to $2.9 billion (approximately 4.234 trillion won) on the 22nd, when the hack is estimated to have occurred. This strongly suggests a large-scale asset outflow through the system. Currently, Cetus has not issued an official statement regarding the hack or the scale of losses. The Sui blockchain development team has also made no comments. Tokens seemingly affected by the hack include Lombard Staked BTC (LBTC) and AXOL coin (AXOL), with the top 15 affected tokens showing a decline of over 75% in value.