Democrats introduce legislation to curb Trump’s crypto ventures amid a $2B deal, intensifying political tensions over digital assets.
In a decisive move, Democrats introduce the End Crypto Corruption Act, aiming to prohibit federal officials and their families from engaging in cryptocurrency activities. This action follows revelations of a $2 billion stablecoin deal involving former President Donald Trump’s family and a foreign government, raising concerns about potential conflicts of interest and national security risks. Axios+2The Verge+2Axios+2POLITICO+3Axios+3The Verge+3
The proposed legislation seeks to prevent public officials from profiting through digital assets, including meme coins and stablecoins. Senator Jeff Merkley (D-OR), a key proponent, emphasized the need for clear regulations to avoid undue influence from personal crypto investments. Axios+1The Verge+1The Verge
Adding to the controversy, the Trump family’s Official Trump meme coin has reportedly generated $320 million, intensifying scrutiny over their involvement in the crypto sector. Axios+1The Verge+1
Meanwhile, the GENIUS Act, initially a bipartisan effort to regulate stablecoins, faces setbacks as several Democrats withdraw support, citing inadequate measures against money laundering and financial system risks. Time+3POLITICO+3The Verge+3
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research before making investment decisions.
