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A group of pro-crypto Senate Democrats introduced an amendment to the GENIUS Act that is widely expected to fail—on purpose.

The move appears designed to look like opposition while actually helping the stablecoin bill pass. This largely ceremonial opposition will allow Democrats to save face on a potentially unpopular move.

What’s Happening with the GENIUS ACT?

The GENIUS Act, a major bill to regulate stablecoins, has stirred controversy. Critics worry it could enable corruption or destabilize the financial system. Despite those concerns, the bill retains modest bipartisan support and is advancing in the Senate.

Recently, according to multiple reports, Democrats introduced an amendment—the End Crypto Corruption Act—that allows the bill to proceed to a vote, even if the amendment fails. 

This unusual strategy prevents Democrats from using a filibuster to block the GENIUS Act, clearing a key legislative hurdle.

In effect, this lets Democrats claim they tried to strengthen the bill without actually stopping it from passing. One source dubbed the move “Schumer 101.” 

The reference is based on Senate Majority Leader Chuck Schumer’s past use of similar procedural tactics to prevent a government shutdown.

“The [GENIUS Act] as it currently stands still has numerous issues that must be addressed. While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor,” a joint statement from the amendment’s Democratic supporters read.

Why This Matters

The amendment is symbolic. It won’t pass, but it gives cover to pro-crypto Democrats who don’t want to publicly back the GENIUS Act outright.

Also, it neutralizes the filibuster threat. A filibuster is a procedural tactic used in the US Senate to delay or block a vote on a bill or nomination. By introducing this amendment via a cloture vote, Democrats can’t later use the filibuster to block the bill.

Most importantly, it ensures forward momentum. Even with some public opposition, the GENIUS Act can now reach a vote and likely pass.

Tensions over crypto policy have increased since the Trump administration backed pro-crypto regulations. Allegations of corruption involving President Trump and foreign crypto investments have deepened partisan divides.

Recently, Rep. Maxine Waters led a Democratic boycott of a crypto policy hearing.

The vote for the GENIUS Act’s final fate will take place sometime next week, and a few Democrats still vocally oppose it. Nothing is necessarily guaranteed; Republican defectors may get cold feet.

Still, currently, its chances look very good. Stablecoin regulation in the US may be on the verge of major success.

The post Democrats May Have Guaranteed Success for the GENIUS Act Stablecoin Bill appeared first on BeInCrypto.

Crypto scams are surging as more people flock to digital currencies, with fraudsters exploiting the industry’s rapid growth to deceive investors.

Recently, numerous crypto users reported receiving fraudulent emails claiming that the Gemini exchange had filed for bankruptcy. Meanwhile, Coinbase Exchange has admitted that an employee illegally accessed user account information.

Gemini Exchange Addresses Bankruptcy Allegations

Multiple accounts highlighted the scam on social media, indicating that an email circulating falsely claims that Gemini has filed for bankruptcy. The email instructed users to withdraw to an Exodus wallet and provided a seed phrase.

These phishing emails, shared on April 1, urged recipients to withdraw their funds into a specified crypto wallet to protect their assets. This was an attempt to deceive users into transferring their cryptocurrencies to wallets controlled by scammers.

“Do not follow these directions. Please retweet to protect those that may have been doxxed and sent this email,” wrote Jason Williams, a contributor to Fox Business.

The deceptive emails alleged a substantial loss of $1.2 billion by Gemini Exchange. Understandably, some novice investors would heed this email and even move their assets to the address. After all, some victims of FTX Exchange contagion continue to pursue their funds even years after the incident.

“I got one also. It is better than your typical ‘Coin Base’ one, but still not quite there. Might fool a boomer though,” one X user remarked.

However, security experts advise users to always verify information through official channels, avoid clicking on unsolicited links, and refrain from sharing personal data. Gemini issued an official warning in response to the scam, acknowledging the threat against its users.

“We recently learned that some Gemini customers are being targeted with scam emails requesting users to transfer their crypto to outside wallets. Please be aware that Gemini will never request that you send crypto to outside wallets,” the exchange articulated.

Coinbase Admits Employee Illegally Accessed User Account Data

Coinbase exchange acknowledged a privacy violation by one of its staff in a somewhat related development. Specifically, a customer service employee accessed user account information without authorization.

This breach has raised concerns about potential scams targeting Coinbase users. Mike Dudas, a crypto investor and co-founder at The Block, shared an email from Coinbase acknowledging the incident.

“That explains the fake Coinbase phishing emails and phone calls today,” he stated.

This breach coincides with reports of phishing attempts, as users have received fake emails and calls purporting to be from Coinbase. These incidents reflect a broader wave of crypto-related fraud.

Blockchain investigator ZachXBT reported that Coinbase users lost over $65 million to social engineering scams between December 2024 and January 2025.

“Coinbase did not detect it; I sent them the intel,” the blockchain investigated noted.

Additionally, crypto analyst Cobie suggested Kraken might be experiencing a similar issue. Per his post, a new attack may be budding, where attackers infiltrate customer service roles to exfiltrate data.

“Kraken also recently hit with this too. Maybe a new scheme from attackers (get a CS agent employee in, exfil data),” the analyst remarked.

Amidst these events, ZachXBT recently explained how to avoid crypto scams. He emphasizes the importance of conducting thorough research before engaging with new DeFi protocols, especially those forked from existing projects on newly launched EVM chains.

Additionally, he advises caution when dealing with projects with few credible followers, as these may indicate potential scams.

Therefore, it is imperative that users remain vigilant against sophisticated phishing scams and unauthorized data breaches.

The post Crypto Scams on the Rise: Gemini and Coinbase Customers Warned appeared first on BeInCrypto.