The Trump-Crypto scandal gives upset about Capitol Hill, with legislators accusing former President Donald Trump and his family of pushing digital currency agenda. In the middle of the controversy there is a billion Dollar deal that involves an Abu Dhabi-supported investment fund, a Trump-connected Stablecoin and Crypto Exchange Giant Binance.
World Liberty Financial, a Cryptocurrency venture owned by Trump’s sons Donald Jr. And Eric, has direct ties to the former president. According to the company’s website, 60% of it is checked by a Trump business unit. Critics say this installation dangerously blurs the boundary between public office and private profit.
An agreement of $ 2 billion draws fire
On May 1, the Emirati Fund revealed plans to use Trump’s StableCoin to finance an investment of $ 2 billion in Binance. The massive crypto transaction raised alarms among legislators, many of which believe it undermines the Genius ACT – a two -party effort aimed at regulating stablecoins with surveillance, openness and consumer protection.
The scandal has already led to fallout. Democratic rep. Maxine Waters stormed out of a crypto interrogation and called Trump’s actions “an obvious abuse of power” and accused him of using legislative influence to benefit his personal interests.
Meme Coin profits and exclusive benefits
Trump -Crypto scandal does not stop at Stablecoins. At the end of April, Fight Fight Fight, a company in line with Trump’s brand, promoted its $ Trump -Meme coin by offering exclusive rewards to top investors. Benefits included an “intimate dinner” with Trump on his Virginia Golf Club and an now-rained promise of a “VIP White House Tour” trot that he was no longer on duty.
These campaigns sent the coin’s value rising by up to 80%. Since January, Trump-linked tokens and MEME coins have generated over $ 300 million in trade fees. Many legislators see these gains as a result of a carefully orchestrated campaign to exploit Trump’s political brand.
Support for Genius ACT weakened
Once seen as a landmark in crypto surveillance, Genius Is now on shaky ground. Senators over party lines distancing themselves from the legislation. Democratic Senator Elizabeth Warren called the Trump Crypto scandal “a textbook example of corruption”, claiming that the bill, in its present form, could legitimize Trump’s crypto companies.
The Senate majority leader Chuck Schumer has reportedly called on the Democrats to demand stronger measures against corruption before supporting the bill. At least nine democratic senators have been supporting their support since the news about the Trump business broke.
Republican legislators also vote doubt
Although less directly in their criticism, some Republican senators are also signal resistance. Then Rand Paul warned that the proposed regulations could stifle cryptoinnovation, while Senator Josh Hawley expressed discomfort with the idea of private units, including Big Tech, which issued Stablecoins.
Then John Kennedy also remains undecided. He noted that “offers are made everywhere” and refused to support the bill until its details have been clarified.
Requires new safeguard measures and reforms
In response to Trump Crypto Scandal, Sens. Jeff Mercley and Elizabeth Warren prepare legislation to ban the president, vice president and legislators – along with their families – from launching or serving that crypto ventures while on duty.
Late. Mercley described Trump’s business as “selling access to his office in daylight”, and added, “this is not only unethical – it is corrosive to democracy.”
If approved, the closed crypto corruption law would strive to restore public confidence by separating digital asset contracts from political power.
Public and political pressure continues to be mounted as the Trump Crypto scandal develops. Whether it tracks Genius Act or transforms how US officials get involved in digital assets, one thing is clear – the intersection of politics and crypto has never been more fleeting.
Image: Freepik © Hoaixuanboss
