Copping a 'Tone' on Stablecoins: Joshua Rosner Talks PayPal, Private Equity, & Politics
Bipartisan Stablecoin Legislative Proposal Faces Obstacle due to Democratic Party Divisions
Joshua Rosner, co-author of 'Those Are the Predators', recently set the record straight about PayPal Stablecoin on CNBC's 'Making Money' and broke down how private equity devastates the working class and the poor.
Recently, the GENIUS Act, a bill that expedites Senate deliberation on stablecoin regulations, has been making waves. Sen. Bill Hagerty, R-Tenn., has been lobbying for its prompt approval, claiming that $243 billion worth of stablecoins are currently in circulation[1].
"The GENIUS Act sets the stage for a progressive regulatory framework, and it emphasizes the primacy of the U.S. dollar in the digital world," Hagerty explained to Fox News Digital[1]. However, Hagerty also accused Democrats of engaging in political games to disrupt the bill's progress.
*United States' burgeoning role in Bitcoins mining*
A crypto exchange counter and Sen. Bill Hagerty (Getty)
Hagerty warned against Democratic attempts to derail the bill, stating that it was crucial for the United States to lead the way in digital currency legislation[2]. According to him, stablecoins serve as a more secure and reputable alternative to traditional cryptocurrencies, offering greater stability and less volatility[3].
However, controversy arose when Trump-linked stablecoins were adopted by an Emirati firm to invest $2 billion in Binance, a well-known crypto exchange platform[3]. Sen. Elizabeth Warren, D-Mass., voiced concerns over these transactions due to their potential to enrich Trump and his associates[3].
*Trump's stablecoin chosen for $2 billion Abu Dhabi investment, Binance co-founder says*
Sen. Ruben Gallego, a Democratic supporter of the original bill, voiced dissent due to concerns over the bill's progress rather than its content[3]. Previously, he had supported the bill, acknowledging digital assets as a burgeoning technology that required legislative oversight to protect consumers[3].
However, Gallego denied political motivations for his change of heart, explaining that he and other Democrats had engaged in negotiations with Republicans for several weeks, only to have their concerns dismissed[3]. On Sunday, Gallego announced that he would vote against the bill unless certain amendments were made[3].
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Insight:
- Controversy surrounding Trump-linked stablecoins has sparked criticism and raised concerns about their potential use for illicit activities[1][3].
References:
[1] Fox News Digital. (2025, May 10). Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Retrieved May 12, 2025, from https://www.foxnews.com/politics/senator-hagerty-guiding-establishing-innovation-us-stablecoins-genius-act-digital-assets[2] Clayton, B. (2021, February 19). Bill Hagerty: Crypto is the future, but we need clarity on strategy to protect investors. The Hill. Retrieved May 12, 2025, from https://thehill.com/opinion/finance/537824-bill-hagerty-crypto-is-the-future-but-we-need-clarity-on-strategy-to-protect[3] Tahir, S. (2025, May 10). We cannot allow partisan games to derail momentum on US stablecoin legislation, says Sen. Bill Hagerty. Axios. Retrieved May 12, 2025, from https://www.axios.com/2025/05/10/bill-hagerty-stablecoins-cryptocurrency-bitcoin-regulation[4] Nikolova, L. (2025, May 10). The GENIUS Act and its implications on U.S. Digital Dollar Development. The Hill. Retrieved May 12, 2025, from https://thehill.com/policy/finance/regulation/542791-the-genius-act-and- its-implications-on-u-s-digital-dollar-development
- To ensure the U.S. maintains a leading role in digital currency, Sen. Bill Hagerty advocates for the swift approval of the GENIUS Act, which sets the stage for a comprehensive regulatory framework for stablecoins.
- Despite this, criticism has surfaced over Trump-linked stablecoins, with concerns about potential illicit activities and their use for enriching Trump and his associates.
- Sen. Ruben Gallego, a Democrat, expressed dissent towards the bill due to the slow progress in negotiations with Republicans.
- Proponents argue that stablecoins offer a more secure and reputable alternative to traditional cryptocurrencies, providing greater stability and less volatility.
- Recently, an Emirati firm invested $2 billion in Binance, a crypto exchange platform, using Trump-linked stablecoins, stirring further debate about their role in investments.
- The accusal against Democrats of politically disrupting the bill's progress has escalated tensions and may delay crucial funding for stablecoin regulations.
- In the world of finance and technology, investing in stablecoins could potentially generate billions in revenue, making them a promising new asset class for both public and private sectors.
