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They also worried it could further enrich Trump, who is affiliated with a stablecoin business that could generate tens of millions of dollars a year in revenue for his family and their business partners.

Prosecutors say he was involved in a scheme to deceive investors in order to fraudulently inflate the value of Terraform’s stablecoin.

These guys have their hands different areas of the crypto world, but World Liberty's primary goal is to get the type of cryptocurrency called a stablecoin officially recognized as a legitimate financial instrument.

It is a key custodian for Tether, a crypto platform with the most widely used stablecoin in the world that has faced persistent scrutiny over its reserve transparency and alleged use in illicit finance.

In a statement to Slate, she warns that the bill fails to hold stablecoin issuers to the same standards to which other financial institutions are subject—and that it would essentially encourage large companies that are not subject to banking regulations, like Musk’s X, to issue their own currency.