It's attracted a lot of interest from banks such as JPMorganChase and retailers like Amazon and Walmart, all of whom are said to be considering launching their own stablecoins. For the retailers it could mean avoiding the credit card fees they pay when customers make purchases. Controversially, even President Trump now stands to benefit financially from stablecoins. World Liberty Financial, in which his family has financial interests, has (though it's is miniscule). The GENIUS Act comes after heavy lobbying Passage of the bill came after intense lobbying from the crypto industry, which spent over $100 million in Congressional races last year and is building an ahead of next year's midterms. That kind of spending had critics calling foul. "This is what political power can buy you," says Corey Frayer, director of consumer protection for the Consumer Federation of America. The crypto sector's war chest not only helps win supporters, Frayer says, they also silence Democrats and other lawmakers who might be opposed but "are just plain scared that crypto is going to come to their town and spend enormous amounts of money against them." , Key Crypto Bill Imperiled By Trump Crypto Firm’s Deal With Emirati State-Owned Fund (Forbes) Landmark Crypto Regulation Passed By Senate: What To Know About Stablecoin GENIUS Act (Forbes) Got a tip?, The bill, known as the GENIUS Act, is set to become the first major crypto legislation ever passed by Congress..