Trump’s crypto agenda threatened by his pursuits of personal profits

President Donald Trump is in his own way when it comes to passing Crypto Legion.

This week, the legislators rejected the genius law – a bill that is intended to establish federal rules for stablecoins – partly due to concern that President Trump’s personal cryptocurrence companies have created a configure conflict of interest conflict.

“Currently, people who want to cultivate influence with the president can enrich him personally by buying Cryptocurrency that he possesses or checks,” said Senator Jeff Merkley, D-OORE., In a statement to CNBC who declares his opposition to the bill. “This is a deeply corrupt scheme. It endangers our national security and affects the trust of the public in the government.”

Stablecoins are digital currencies that are linked to the value of other assets, such as the US dollar.

Getting something in the congress is a steep struggle for Republicans Given their razor material majority in the house, filibus resistant in the Senate and the increasingly united attitude of Democrats against President Trump’s agenda. But Cover Democrats seemed to be on board with a Stablcoin Act to bring ADV a rare dual victory for the president.

That is Unantil $ Trump stood in the way.

The Meme Coin of the President, which he launched just before the inauguration in January, you have added billions of dollars to paper to his Caffers. The value rose after the project ran a promotion with a top $ Trump holders a dinner with the president and a “VIP White House tour”. Sen. Richard Blumenthal, D-Conn., Caled it a “pay-for-play schedule”. First Lady Melania Trump also has a coin.

The brilliant bill did not store in the Senate on Thursday. It needed 60 votes to go to the senate floor for the last passage. The last count was 48 for and 49 against. Three senators did not vote.

Earlier in the week, Senate Democrats unveiled the “End Crypto Corruption Act”, led by Merkley and minority leader Chuck Schumer from New York, intended to proclaim or to endure digital assets officers and Senior Executive Tack staff and their families.

But the most important defecions for the Stablcoin legislation came to Tol-Weekend, when a group of nine Senate Democrats-Vier previous voices for the bill in the SAID committee had that they were foreign emennials and national security. “

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

“I also continue to worry about the continuous self -handling and financial conflicts that are carried out by the Trump family,” she wrote in a statement on Thursday.

It’s not just about the $ Trump and $ Melania meme coins. There is also the Trump Family Crypto Venture World Liberty Financial, who established last year and launched a Stablecoin, just when the administration insisted on looser regulations for digital assets.

Reports have shown that MGX is based in Abu Dhabi Trump’s Stablecoin for $ 2 billion investments in Crypto Exchange Binance, but still creates a potential potential conflict of interest for a sitting president.

For sub-investors and entrepreneurs in the crypto industry, the pursuit of the president of personal profit is a major obstacle to long-awaited progress. After years of setbacks during the Biden administration, the crypto-lobby became a powerful force in the financing of the 2024 campaign of Trump and in the successful support of industrial candidates for the congress.

“It’s a shame that personal matters stand in the way of good policy,” says Ryan Gilbert, founder of Fintech Venture Fund Launchpad Capital. “I hope that everyone in the administration, including the president, will avoid a good policy.”

The White House did not respond to a request for comments. During a press conference on Friday, Minister van Witte Huis Pers Secretary Karoline Leavitt said when he was asked about the Meme -Muntdiner, which “the president adheres to all laws of conflicts of interest.”

“The president is a successful businessman and I think it is one of the many reasons that people have hindered him back to this office,” Leavitt said.

A number of top democrats, including senator Elizabeth Warren from Massachusetts and Kirsten Gillibrand of New York, have joined the parade of critics, aimed at the personal activities of President Trump. Gillibrand helped introduce the Genius Act earlier this year, but she said this week that “there are some outstanding issues that had to be tackled before the bill could pass the entire Senate.”

“I believe it is essential for the future of the American economy and for the everyday America that we determine strict Stablecoin instructions and consumer protection where there is currently no existence,” Gillibrand said in a statement. “I remain extremely confident and hope that Vray can quickly end the job.”

Senator Blucenthal Caled for an investigation into Trump-linked coins, demanded financial data from World Liberty Financial and hit the president for “attempting to use the White House to organize competitions to support the value of $ Trump.”

Senator Ruben Gallego, D-Arsona, had supported the Genius Act, but said that he could not go further this week, decided to give more time to negotiate.

“Without more time to finish the bill at least, there was no real two -hearted path forward,” he wrote on X.

Launchpad’s Gilbert said that the Genius Act is only the first part. More generally, the conflicts of the president can have an impact on the hope of other legislative performance and deregulation efforts, as well as the reputation of the American crypto industry on the world stage.

“We will be the smiling shares of the world for this private reason, and it will stop constant investments and innovation,” said Gilbert. “There was hope for the past six months that we are leading in the United States, and that investment should flow in crypto-related companies, and the IL will again be easier and in terms of allo companies to take the lead and invest in crypto assets.”

However, he said, “If the brilliant action does not pass, we will be back.”

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