There May Be Trouble on the Horizon for the Cryptocurrency Industry in the United States, now that some of the pro-Crypto legislation moving through congress is suddenly under scrutiny, as both republicans and democrats be begin ash quests ablout Even The Possibility of Bribery or Insider Trading Concerning The Relationship Between Proposed Crypto-Bills and the President of the United States.
Bills like Guiding and establishing national innovation for us Stablecoins (Genius) lawAs originally, two -part elements seemed to pass through the Senate without conflict. However, things began to be discovered when legislators took a closer look at how the bill was adapted to the latest developments President Donald Trump And his family’s in -depth commitment to the crypto world.
Trump’s “Crypto” tours trigger ethics problems
The real question that turned off Genius ACT’s progress was not necessarily the account content. The real problem began when legislators on both sides began to express concern that the legislation was not advanced strictly on the merits, but rather to benefit those who have power, especially the president and his family’s personal crypto companies.
On the way into the 2024 election, Trump placed himself as the “Pro -Crypto” candidate. On the campaign track, he repeatedly emphasized that he wanted to make the United States the global hub for Cryptocurrency Innovation. And when he defeated he Joe Biden and was responded as the 47th president, he began to act on these promises.
Trump signed an executive order promoting Cryptocurrency and StableCoin development, And then important federal agencies, including Securities and Exchange Commission (SEC), started signal- A friendlier attitude towards crypto companies. All this was seen as a win for the Cryptocurrency industry. At about the same time, Trump ventured deeper into the crypto world.
The Trump family launched or acquired ownership in several crypto-related companies. Donald Trump and Melania Trump launched both Memecoins. Their company, World Liberty Financial, where the family is reportedly owning a 60% share, announced plans to launch a stablecoin. Trump’s sons, Donald Jr. and Eric, acquired a majority share in a BTC mining company called American Bitcoin, as they plan to publish by the end of 2025.
Crypto enthusiasts loved each of these traits and saw the president and his family as one of their own, but from a political decision -making perspective, the administration not just made politics; They participated in the market that these policies would affect. When you sit on the couch watching this game it doesn’t sound like a big deal, but it was enough to get legislators to break, and that break was all that was required to stop Genius Act. The bill failed to proceed in a Senate voting with a final count of 49 “No” votes to 48 “yes” votes.
It is important to note that there is nothing illegal with a sitting or former president investing in Crypto, launching a blockchain business, or even profit from legislation that increases the industry. When framed as an innovation policy, these traits can work PRO growth for the industry and the country.
But when political power crosses with personal gain, it crosses another territory. What we see here is what many would describe as “soft corruption”, where what takes place is not illegal, but it undermines public confidence. Unlike those who only look at this game, legislators are not only bound by laws, but also by ethical rules and codes of conduct. Failure to maintain these standards-even about the enforcement of these guidelines are often not available to lead to investigations, media blowing and long-term reputation damage.
Trump Family’s ‘Crypto’ Band Facial Security
Genius Act’s Stall-Out did not shop Stablecoins; It was about trust and perception. When World freedom economicThe Trump-family-owned company, publicly stated that it would launch a Stablecoin, and that announcement coincided with a bill designed to promote Stablecoins, the optics could not be ignored.
From the outside that looks in maybe some even believe that the World Liberty Financial movement was an indication of Insider trading. Did the Trump family know that this bill would come? Did they prepare themselves to benefit from it in advance? Whether it was the case or not, the fact that legislators had to ask these questions was sufficient to track the proposed proposal and support.
Another concern is Trump’s personal Memecoin, $ Trump. Recently, the Trump team launched a campaign Promise that the 220 best holders of $ Trump would receive an invitation to a private dinner with the president.
Legislators are worried that this installation effectively allows domestic or foreign individuals to buy into a private room with the president. Given how little is known about many wallet Holders in addition to their operations on the chain highlight legislators national security problems with this model.
Although no laws have been technically broken, the damage that this will have on future crypt legislation can already be done. If each new bill related to digital assets becomes a chess match about whether it unfairly favors the president or his inner circle, the process will slowly to a search.
Each bill will meet longer debates, more intensive media survey and drawn out committee negotiations when legislators try to scrub all ethical issues that may be in play. This does not mean that cryptopolicy will not develop; It just means it will move slower.
Will “Crypto” policy move on?
The bigger question is that public confidence can already disappear. When both parties begin to publicly question whether the president is too involved in crypto, it becomes more difficult to sell the public, or even other legislators, on the idea that any legislation can be adopted without bias.
And since it does not go back because the president is already deeply bound to crypto through the family’s business company, these problems will not disappear. Unless Trump differs from these projects, future crypto bills can face the same review, delay and resistance that Genius Act encountered.
But even with all this newfound drama about pro-crust legislation, proposed legislative proposals will continue to develop. In a new vote, known as a globe vote, the Senate voted 66-32 in favor of promoting Genius Act, which had previously stopped.
A Cloture vote only means that legislators have agreed to terminate the debate and move towards a final vote, a clear sign that the bill is not dead, even though they are facing obstacles. The question is now: What changes will the geniuses undergo to address these problems and make legislators on both sides of the hall feel comfortable to vote through it?
Anyway, the new reality in the situation will not disappear. We now have a crypt -friendly administration that drives us to move cryptoinnovation forward, and a congress that is becoming increasingly skeptical about how the future crosses the president, the people close to him and their power, money and influence.
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