Congress erupts over Trump's billion-dollar crypto deal

A $2 billion crypto deal involving President Trump's family and a foreign government is threatening to derail bipartisan stablecoin legislation that Congress has been working on for months.Why it matters: Democrats see the potential for gob-smacking corruption in Trump's lucrative crypto projects, which they consider to be the clearest conflicts of interest in a sea of new business ventures launched by the president and his inner circle.The Trump family's crypto dealings could now jeopardize legislation that the crypto industry has aggressively lobbied for as a way to gain legitimacy and legal clarity in the U.S.What's happening: Senate Democrats unveiled a sweeping new proposal Tuesday to ban presidents, lawmakers and their families from issuing, endorsing or sponsoring crypto assets, Axios' Stephen Neukam scooped.The new bill comes days after Senate Democrats suddenly voiced opposition to the GENIUS Act — landmark bipartisan legislation that would create the first-ever regulatory framework for stablecoins.Sen. Chris Murphy (D-Conn.) and Rep. Sam Liccardo (D-Calif.) introduced bills targeting Trump's multibillion-dollar meme coin, which Murphy called "the single most corrupt act ever committed by a president."Over in the House, Rep. Maxine Waters (D-Calif.) led a Democratic walkout of a joint hearing on crypto regulation, plunging the session into chaos in hopes of drawing new attention to Trump's alleged "corruption."Between the lines: Democrats have long accused Trump and his family of profiting from the presidency. But on two particularly brazen crypto projects, Trumpworld may have flown too close to the sun.The official website for Trump's meme coin invited its top 220 investors to an "intimate private dinner" with the president later this month, with a "VIP White House Tour" offered to the top 25 holders. References to the White House were later scrubbed from the website.World Liberty Financial, the Trump family's crypto venture, announced that an Emirati state-backed venture fund would use World Liberty's new stablecoin to complete a $2 billion investment in crypto exchange Binance.What they're saying: Trump has denied profiting from the presidency, telling NBC's "Meet the Press" that he started his crypto venture "long before the election.""I haven't even looked," Trump claimed."Stablecoin legislation should be passed on a bipartisan basis. President Trump is dedicated to making America the crypto capital of the world and revolutionizing our digital financial technology. His assets are in a trust managed by his children, and there are no conflicts of interest," White House spokeswoman Anna Kelly told Axios.Zoom out: Democrats erupted over news of the foreign deal, demanding an investigation by the Office of Government Ethics and warning of a "quid pro quo that could endanger national security."At a closed-door meeting last week, Senate Democratic Leader Chuck Schumer (D-N.Y.) told his caucus to withhold support for the GENIUS Act so Democrats could force changes to the legislation.Sen. Elizabeth Warren (D-Mass.) argued the stablecoin bill "will make it easier for the president and his family to line their own pockets," warning: "This is corruption and no senator should support it."The bottom line: The crypto world was thrilled to see Trump take up the mantle of advocate-in-chief, especially after years of perceived hostility from the Biden administration.But the Trump family's aggressive business tactics may end up costing the industry the very legitimacy it's been chasing.

Comments

World news

Trump picks reality show star whose stepson was charged over Jan 6 riot for Holocaust Museum council

Independent

Comments

Similar News

Republicans in Congress pull out all the stops to protect Trump tariffs

READ: Trump's fiscal year 2026 budget request to Congress

Colombia's president sends congress referendum proposal that could overhaul labor laws

Democrats are finally passing the torch in Congress to the next generation

Congress returns as Trump’s domestic agenda hangs by a thread

Democrats in Congress warn cuts at top US labor watchdog will be ‘catastrophic’

'Chaos created by uncertainty.' Tariffs hit a company that lights Hollywood — and Congress

Barbara Lee, trailblazing former US Congress member, elected Oakland mayor

Syrian president meets a U.S. Congress member on an unofficial visit to Damascus

Syrian president meets a US Congress member on an unofficial visit to Damascus

Congress members pay an unofficial visit to Damascus as U.S. mulls sanctions relief

Marjorie Taylor Greene says she receives ‘most death threats in Congress’ after town hall interrupted by protesters

Trump administration stonewalls Congress on questions about immigration crackdown on US citizens and green-card holders

AOC tells massive crowd in Utah that working Americans are ‘more qualified’ than most in Congress

Democrats in Congress take aim at Trump’s ‘market manipulation’: ‘This could be an enormous scandal’

Democrats in Congress take aim at Trump’s ‘market manipulation’: ‘This could be an enormous scandal’

Planes collide at Reagan airport: One had several members of Congress aboard

Congress given May 15 deadline as Donald Trump 'insider trading' allegations emerge

Meta whistleblower tells Congress that tech company would do anything to build a business in China

Congress investigates threats from China's DeepSeek to U.S. national security

World news

Trump picks reality show star whose stepson was charged over Jan 6 riot for Holocaust Museum council

Man who police say crashed into Jennifer Aniston's front gate is charged with stalking and vandalism

C-SPAN wants to broadcast Supreme Court arguments for the first time in this Trump case

South Korea says North Korea has fired at least one ballistic missile toward sea

India will 'pay the price' for 'blatant mistake' says Pakistan PM

Putin prepares to host world leaders for Victory Day parade as three-day Ukraine ceasefire begins

Columbia University protests: Two police officers injured after 'outrageous' crowd surge

How Peter Dutton's heartland lost him Australia's election

Pope Francis backed him when he took on a president. Now he's voting in the conclave

Is Ivory Coast's red card politics an own goal for democracy?

'This will be the work of years': The medics identifying remains from Syria's mass graves

The Indian Aircraft Pakistan Says It Shot Down

City of Calgary prepares for a busy construction season ahead

Calgary police shakeup continues as interim chief sworn in, 2 deputy chiefs retire

Vancouver mayor ‘frustrated’ with slow pace to abolish city’s park board

Inquest wraps up in Winnipeg into the 2021 overdose death of Lee Earnshaw

Scoop: Democrats urged to ditch immigration message after Biden failures

Hard truths slam Mike Johnson on "one big, beautiful bill"

Trump declares national holidays to celebrate the victories of WWI and WWII

China suspected of using 4 Cuban bases to spy on U.S.

Chinese President Xi arrives in Moscow following massive Ukraine drone strike

Congress digs into China's alleged theft of America's AI secrets

What to know about the conclave to elect the next pope

Brazilian state's deforestation amnesty poses 'one of the greatest threats' to the Amazon

Russia's 100,000 blogger-army laid bare in horrifying 'cover-up' warfare

Jerome Powell keeps interest rates the same — and ignores Trump

Over 19 billion passwords have been leaked in security ‘crisis’ – here’s how to check if yours is vulnerable

NY Times reporter filed HR complaint because editor threatened to ‘kill’ him over story length

RFK Jr orders huge Medicare data autism study

Tyre Nichols remembered as beautiful soul with creative eye

Pennsylvania House advances bill legalizing recreational marijuana

GoFundMe removes fundraiser for man who fatally hit deputy with car after son was killed by police

NASA is prepping Mars missions for next year – a shift in priorities that will likely benefit Elon Musk

US is pushing Starlink on nations facing tariffs as Musk stands to benefit from trade deals: report

Report reveals new details into New York helicopter crash that killed six

RFK Jr. announces controversial plan to research autism with Medicare and Medicaid data lists

Man accused of trying to abduct a child at Walmart released on bond after new video surfaces

Fighter jet goes overboard from USS Harry S Truman. Yemen's Houthis assess Sanaa airport damage

Sask. NDP introduces bill to change referendum legislation

Arsenal knocked out of Champions League

Iran rejects reports of alleged plot to target Israeli embassy in London

Trump&#8217;s latest deportation scheme is almost certainly illegal

China’s Xi Jinping Travels to Russia for Victory Day

Vladimir Putin declares Ukraine ceasefire as he marks 'Victory Day' in Russia

In the wake of tariffs, cargo at the Port of LA is down 35%

States Sue Trump Administration Over Funding Freeze for EV Charging

TransAlta CEO says power producer expects to reach Alberta data centre deal this year

Jays call up outfielder Clase and reliever Fisher

U.S. doctor says at inquest that B.C.’s 911 call-taking algorithm is ‘flawed’

Southern Alberta municipalities say emergency preparedness critical

12 home office chairs that deserve a sitting ovation

Saskatchewan riverboat docked indefinitely due to low water levels, sand buildup

‘We’re still broken’: Métis 60s Scoop ruling offers justice to some, not all

Nine arrested over alleged Hitler birthday party at Oldham pub

Homicides in big cities kept declining in Q1 of 2025, stats show

Inside incredible plan for world’s tallest cruise ship with enormous 164ft SAILS that will hit water by 2030

Amal Clooney, wife of actor George Clooney, could be denied reentry to the U.S. over ICC warrants

Trump’s latest deportation scheme is almost certainly illegal