Trump’s cryptocurrency program threatened by his personal profit activities

President Donald Trump It stands in its own way when it comes to adopting cryptocurrency legislation.

Legislators this week rejected Brilliant act – A bill designed to establish federal rules for stability – partly to fears that President Trump’s personal endeavors have created an unprecedented conflict of interest.

“Currently, people wishing to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls” Late. Jeff MastersD-ORE., He said in a statement to CNBC, explaining his opposition to the bill. “This is a deeply corrupt scheme. It threatens our national security and erodes public confidence in the government.”

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

Obtaining something in which Congress is a steep battle for Republicans, given their majority with a razor in the House, a requirement for the resistance of Philibuster in the Senate and an increasingly reduced position of Democrats against President Trump’s agenda. But it seems that enough Democrats are on board with a stable law to lead to a rare bilateral victory for the president.

This is until $ Trump prevented.

President The same anglewhich he started just before taking office in January, added billions of dollars of paper worth to his crates. Its value rises last month after the project completed a promotion Offering top $ Trump owners with the president and VIP Tour in the White House. Senator Richard BloamalD-Conn., He calls it a “playing scheme for play.” First Lady Melania Trump There is also a coin.

The brilliant bill failed to progress in the Senate on Thursday. He needs 60 votes to move to the Senate floor for the final passage. The final composition was 48 in favor and 49 against. Three senators did not vote.

Earlier during the week, the Senate Democrats revealed the “Corruption Law on the End of Crypto”, headed by Merkli and a minority leader Chuck Sumer New York, designed to ban selected employees and the senior employee of the executive branch and their families to issue or support digital assets.

But the key defects of the legislation for a steady -ended weekend when a group of nine Senate Democrats – Four of whom they had previously voted for the Bill in the Commission -The said they would not support it and called for stronger provisions for dealing with “anti-pairs washing, foreign issues and national security”.

Reports show that Abu dhabi-based mgx It uses Trump’s stable investment of $ 2 billion in cryptocurrency exchange, creating another potential conflict of interest for a sedentary president.

For some investors and entrepreneurs in the cryptocurrency, the president’s pursuit of personal profits creates a major obstacle to long -awaited progress. After years of failures during the Biden Administration, Crypto Lobby has become power In the financing of the Trump campaign in 2024 and successfully supporting candidates suitable for the congress industry.

“It’s a pity that personal business is hindering good policy,” said Ryan Gilbert, founder of Fintech Venture Fund Capital. “I hope everyone in the administration, including the President, got out of the path of good politics.”

The White House did not respond to a request for a comment. At a press conference on Friday, White House press secretary Carolyn Levitt said when he asked him for MEME dinner that “the president is following all laws of conflict of interest.”

“The president is a successful businessman and I think this is one of the many reasons that people re -select him into this office,” Levit said.

A number of top Democrats including Senator Elizabeth Warren of Massachusetts And Kirsten Jilibrand of New York joined the parade of critics aimed at President Trump’s personal activities. Jilibrand helped to introduce The Genius Act earlier this year, but she said this week that there are “a number of unfulfilled questions that must be addressed before the bill can pass the full senate.”

“I believe it is essential for the future of the US economy and for everyday Americans we accept strict stable provisions and protection of consumers where there is currently no one,” Gillibrand said in a statement. “I remain extremely confident and I hope we can finish the work very soon.”

Senator Blumental called for an investigation of Trump -related coins by requesting financial records from World Liberty Financial and rammed the president for “attempt to use the White House to conduct competitions to support the value of $ Trump.”

Senator Ruben Galego, D-Arizona, supported the Genativity Act, but said it could not continue this week after Republicans refused to provide more time for negotiations.

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

Gilbert of Launchpad said the Genativity Act is just the first piece. The wider, the president’s conflicts can influence hopes for other legislative achievements and efforts to deregulate, as well as the reputation of the American cryptocurrency on the world stage.

“We will be the laughing stocks of the world for this particular reason, and that will retain continuing investments and innovations,” Gilbert said. “There has been hope in the last six months that we can lead to the United States. This investment must be poured into business-related cryptocurrencies, and then it will be simpler and more enforceable for all companies to take a leading role and invest in cryptocurrencies.”

However, he said, “If the brilliant law does not pass, we return to a square.”

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