Our Revolution Rallies Against GENIUS Act, Citing Election Risks

Progressive group Our Revolution is organizing a national call to rally opposition against the GENIUS Act, a proposed legislation aimed at establishing a regulatory framework for stablecoins. The event, scheduled for May 12, will feature Senators Elizabeth Warren and Jeff Merkley as headline speakers. The group argues that the legislation would legalize untraceable crypto donations in US elections, deregulate stablecoins, and allow public officials to profit from crypto ventures, effectively handing over democratic control to crypto billionaires and Trump’s inner circle.

The GENIUS Act, formally titled the Generating Entrepreneurship and New Income Using Stablecoins Act, has raised concerns due to provisions that could compromise election safeguards. Critics argue that these provisions would permit unlimited, untraceable crypto-based political donations, deregulate stablecoin issuance, and allow sitting lawmakers to hold stakes in digital asset ventures. The legislation has sparked intense scrutiny, especially as President Trump embarks on a diplomatic trip to the Middle East to secure a multibillion-dollar deal tied to his own crypto firm.

Trump’s trip to the Middle East includes finalizing a $2 billion investment agreement with UAE-backed investment fund MGX, Binance, and World Liberty Financial, a crypto enterprise controlled by his family. Democrats have criticized this deal, arguing that it directly overlaps with the policy goals of the GENIUS Act and represents a clear conflict of interest. Lawmakers have also raised concerns about the money being invested in Binance and the exchange’s involvement with Trump-affiliated ventures. The timing of the deal has fueled accusations that the bill is not about financial innovation but about enriching Trump’s inner circle while undermining election integrity.

Our Revolution, founded out of Senator Bernie Sanders’ 2016 presidential campaign, has already garnered support from over 10,000 of its members who have signed a petition urging Democrats to reject the GENIUS Act. The petition will be delivered directly to Senate offices. Warren and Merkley will be joined on the call by tech watchdog Molly White, Mark Hays of Americans for Financial Reform, and Our Revolution’s Executive Director Joseph Geevarghese. Together, they will analyze the legislation’s risks and chart a path for organized grassroots resistance.

The group claims that the GENIUS Act is the result of a $200 million campaign by crypto speculators to influence US politics during the 2024 election cycle. The call aims to empower everyday Americans to fight back against what organizers call a crypto-corporate coup, providing a platform for analysis and resistance against the proposed legislation.