New Jersey’s two Democratic senators, Cory Booker and Andy Kim, joined forces with nearly every Republican in the Senate to approve the GENIUS Act — a bill that will regulate payment stablecoins with a feeble hand, leaving the door wide open for corruption, instability, and exploitation of consumers.
On Tuesday, June 17, 2025, the Senate voted 68-30 in favor of this disastrous piece of legislation, setting a dangerous precedent that could wreck the financial system while enriching the crypto elite, including Donald Trump.
While the bill is being sold as an attempt to bring order to the crypto chaos, the truth is that it’s a gift to the most powerful and shady figures in the industry.
Booker and Kim, who should be protecting the people of New Jersey, have instead chosen to side with corporate interests and the criminal underworld. This vote will haunt them, and it will haunt us all.
Booker received $5,700—the maximum individual donation—from Sam Bankman-Fried, who was convicted of fraud and related crimes in November 2023, before the collapse of his FTX cryptocurrency exchange.
The GENIUS Act may sound innocuous — a regulatory framework for stablecoins — but it’s far from it. It’s a loophole-riddled monstrosity that will fuel political corruption, destabilize the financial system, and endanger national security.
Let’s start with the most glaring issue: the utter failure to address the ethical catastrophe that is Donald Trump’s foray into the world of cryptocurrency.
Booker and Kim, by lending their support to this bill, have indirectly given a green light to Trump’s growing stablecoin empire.
Trump’s USD1, a stablecoin he launched mere weeks ago, has already become one of the largest in the world, all while his family stands to profit handsomely from its rise.
This bill, far from curbing such corrupt schemes, makes it easier for Trump and other power brokers to funnel money through a cryptocurrency system that is effectively beyond government oversight. And this is not just a hypothetical risk — it’s happening right now.
MGX, an investment firm with deep ties to the United Arab Emirates and China, is already using USD1 to finance a $2 billion investment in Binance.
This is the kind of financial deal that only happens when you have a stablecoin to back you up, and now the U.S. Senate has ensured that Trump can continue to profit off of his own cryptocurrency without fear of regulation. This is not just a bad look — it’s a recipe for corruption.
But the stakes don’t end there.
The GENIUS Act weakens protections for consumers while laying the groundwork for the next financial meltdown.
Just like the disastrous Commodities Futures Modernization Act of 2000, which paved the way for the 2008 financial crash, this bill gives the crypto industry exactly what it wants: a regulatory framework that leaves plenty of wiggle room for reckless speculation, while shielding companies from the kind of oversight that could prevent another crash.
And if you think crypto volatility is a thing of the past, think again.
The 2022 collapse of several major crypto firms wiped out $2 trillion in value, but because these markets were largely separate from the traditional financial system, the effects were somewhat contained. This bill changes that.
By folding stablecoins directly into the financial system without adequate safeguards, the GENIUS Act risks turning the next crypto crash into an all-encompassing disaster. The American people — including the hard-working families of New Jersey — will be left holding the bag when that inevitable disaster strikes.
But the consequences of this vote aren’t confined to the financial system alone.
The GENIUS Act also opens the door wide for criminal activity. Stablecoins have already become the go-to method of payment for terrorists, cartels, and rogue nations looking to evade sanctions. This bill does nothing to address these concerns, leaving the door wide open for criminals to exploit the system.
Tether — a stablecoin with a known history of money laundering and shady dealings — is now poised to enter the U.S. market thanks to a newly inserted loophole in the legislation. If passed, the GENIUS Act would effectively provide a clean slate for criminal organizations to fund their operations with U.S.-backed crypto.
And as if that weren’t bad enough, the GENIUS Act also paves the way for Big Tech giants like Facebook and Google to issue their own private currencies, further cementing their stranglehold on the American economy.
Instead of empowering community banks or ensuring that small businesses have access to credit, this bill will allow the richest corporations in the world to create their own parallel banking systems — one that will drain resources from local communities and give them unprecedented control over consumer data.
Booker and Kim’s vote is a betrayal — plain and simple.
They have chosen to side with the billionaires, the crypto moguls, and the foreign governments looking to exploit our financial system for their own gain. In doing so, they’ve abandoned the very people who trusted them to represent their interests. The people of New Jersey, and indeed the American public, deserve better than this.
The GENIUS Act is a Trojan horse for corruption, instability, and financial ruin. By passing it, the Senate is not just opening the door to another crash; it’s opening the floodgates for criminals and terrorists to exploit the system for their own gain.
Cory Booker and Andy Kim may have sold out, but the American people cannot afford to let this bill become law. It’s time for us to stand up and demand better.
In the end, if Booker and Kim’s names are etched in history alongside this disaster, they’ll be remembered not as champions of progress, but as enablers of one of the most dangerous and corrupt financial systems to ever come out of Washington.
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