Trump’s crypto agenda, which is threatened by his personal gains activities

President Donald Trump is in his own way when it comes to adopting crypto legislation.

This week, the legislator rejected the genius law – a draft law that should determine the federal rules for stable coins – partly to the fact that President Trump’s personal cryptocurrency companies caused an unprecedented conflict of interest.

“Currently, people who want to maintain influence with the president can enrich him personally by buying cryptocurrency that he owns or controlled,” said Senator Jeff Merkley, D-ORE, in a statement to CNBC, in which he explains his opposition to the draft law. “This is a deeply corrupt program. It endangers our national security and undermines the public’s trust in the government.”

Stable coins are digital currencies that are set to the value of other assets such as the US dollar.

Getting something in the congress is a steep struggle for the Republicans in view of their razor -thin majority in the house, the filibuster -proof requirements in the Senate and the increasingly uniform attitude of the Democrats against President Trump’s agenda. But there seemed to be enough democrats with a StableCoin law on board in order to achieve a rare cross -party victory for the president.

This is up to $ Trump got in the way.

The President’s Meme coin, which he started shortly before the inauguration in January, has expanded his cash registers worth billions of dollars. The value rose last month after the project offered a campaign with top $ Trump owners with the president and a “VIP White House Tour”. Senator Richard Blumenthal, D-Conn., Called it a “Pay-for-Play scheme”. First Lady Melania Trump also has a coin.

The LIGHTSESE could not drive ahead in the Senate on Thursday. 60 votes were drawn to the Senate for the final passage. The final balance was 48 and 49 against. Three senators have not chosen.

At the beginning of the week, the Senate Democrats presented the “End Crypto Corruption Act”, which was cited by Merkley and minority leader Chuck Schumer from New York to prevent the elected civil servants and leading executive industry personnel and their families from issuing or supporting digital assets.

But the most important defects in StableCoin legislation came last weekend when a group of nine Senate Democrats von had previously voted for the draft law in the committee-that they would not support them, and a stronger provisions to combat “anti-money laundering, foreign issuers and national security”.

Senator Lisa Blunt Rochester from Delaware was one of the four. She pointed directly to Trump’s financial complications.

“I am also always concerned about the ongoing self-retailers and financial conflicts of interest from the Trump family,” she wrote in an explanation on Thursday.

It’s not just about the coins of $ Trump and $ Melania Meme. There is also the Trump Family Crypto Venture World Liberty Financial, which was founded last year and launched a StableCoin when the administration advanced on looser regulations for digital assets.

According to reports, MGX from Abu Dhabi Trump’s StableCoin uses for an investment of $ 2 billion in Binance from crypto exchange, which creates another potential conflict of interest for a sitting president.

For some investors and entrepreneurs in the crypto industry, the pursuit of personal profits by the President creates a great obstacle to the long -awaited progress. After years of setbacks during the bidet management, the crypto lobby became a strong strength in financing Trump’s 2024 campaign and in the successful support of the industry-friendly candidates for the congress.

“It is unfortunate that personal business stands in the way of a good policy,” said Ryan Gilbert, founder of FinTech Venture Fund Launchpad Capital. “I would hope that everyone in the administration, including the president, gets out of good politics.”

The White House did not answer a request for a comment. At a press conference on Friday, the press spokesman for the White House, Karoline Leavitt, said when he was asked about the Meme Coin evening dinner that “the President complies with all laws of conflicts of interest”.

“The president is a successful businessman, and I think it’s one of the many reasons why people dialed him back to this office,” said Leavitt.

A number of top democrats, including Senator Elizabeth Warren from Massachusetts and Kirsten Gillibrand from New York, have joined the parade of the critics and aimed at President Trump’s personal activities. Gillibrand helped the introduction of the Genius Act at the beginning of this year, but she said this week that there are “a number of outstanding problems that would have to be tackled before the draft law could adopt the full Senate”.

“I think it is essential for the future of the US economy and for everyday Americans that we issue strict stablecoin regulations and consumer protection in which no one currently exists,” said Gillibrand in a statement. “I am still very confident and confident that we can end the job very soon.”

Senator Blumenthal called for an investigation of Trump-bound coins and demanded financial documents from World Liberty Financial and struck the president for “attempted use of the White House to organize competitions to support the value of $ Trump”.

Senator Ruben Gallego, D-Arizona, had supported the Genius Act, but said that he could not advance this week after the Republicans had rejected more time to give the negotiation.

“Without more time to at least end the calculation, there was no real way across the party,” he wrote about X.

Gilbert von Launchpad said that the ingenious act was only the first piece. In a broader sense, the president’s conflicts could affect the hope of other legislative services and deregulation efforts as well as the reputation of the US crypto industry on the world stage.

“For this reason, we will be the laughing data of the world and continued investments and innovations will hold back,” said Gilbert. “In the past six months there has been hope that we could lead in the United States and that investments should flow into crypto companies, and then it will be easier and feasible that all companies take over a lead and invest in crypto assets.”

However, he said: “If the brilliant act does not fit, we are back in first place.”

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