{"id":25458,"date":"2025-05-06T17:47:24","date_gmt":"2025-05-06T17:47:24","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=25458"},"modified":"2025-05-06T17:47:24","modified_gmt":"2025-05-06T17:47:24","slug":"trumps-growing-crypto-empire-triggers-backlash-will-stablecoin-legislation-genius-be-passed","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=25458","title":{"rendered":"Trump\u2019s Growing Crypto Empire Triggers Backlash: Will Stablecoin Legislation GENIUS Be Passed?"},"content":{"rendered":"<div>\n<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span style=\"font-weight: 400\">US President Donald Trump\u2019s deepening ties to the crypto world \u2013 and his family\u2019s direct financial interests- have triggered a senate backlash and ethics investigations. What caused this eruption? A $2 billion deal between a Trump affiliated crypto firm and a state-backed Emirati fund? The launch of a Trump-branded stablecoin? The TRUMP and MELANIA meme coins? Or a series of high-dollar fundraisers that blurred the lines between public office and private gain?<\/span><\/span><\/p>\n<p>\u201cIt\u2019s a selling of influence, a conflict of interest, just a massive form of corruption we haven\u2019t witnessed,\u201d said Senator Jeff Merkley, Democrat of Oregon, according to a 5 May 2025 <a href=\"https:\/\/www.nytimes.com\/2025\/05\/05\/us\/politics\/trump-crypto-senate-investigation.html\" target=\"_blank\" rel=\"nofollow\">NYT post.<\/a> \u201cAnd it needs to be ended.\u201d<\/p>\n<p>Furthermore, <a href=\"https:\/\/x.com\/SenJeffMerkley\/status\/1919507331345273078\" target=\"_blank\" rel=\"nofollow\">he took to X<\/a> to express his concerns around Trump\u2019s crypto moves.\u00a0<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\">\u201cThis is a staggering conflict of interest: a president selling access and enriching himself,\u201d said Merkley.\u00a0<\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\">\u201cUS Senator Elizabeth Warren <\/span>and I are demanding answers on the billion-dollar deal between a Trump-backed crypto company and a foreign crypto firm.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">.<a href=\"https:\/\/twitter.com\/SenWarren?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">@SenWarren<\/a> and I are demanding answers on the billion-dollar deal between a Trump-backed crypto company and a foreign crypto firm.<\/p>\n<p>This is a staggering conflict of interest: a president selling access and enriching himself.<a href=\"https:\/\/t.co\/JodHJf2XBQ\" target=\"_blank\" rel=\"nofollow\">https:\/\/t.co\/JodHJf2XBQ<\/a><\/p>\n<p>\u2014 Senator Jeff Merkley (@SenJeffMerkley) <a href=\"https:\/\/twitter.com\/SenJeffMerkley\/status\/1919507331345273078?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">May 5, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, according to Warren, the Senate legislation will make it easier for the president and his family to line their own pockets.\u201d Warren said, \u201cThis is corruption and no senator should support it.\u201d<\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-crypto-to-explode\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">20+ Next Crypto to Explode in 2025<\/span><\/a><\/strong><\/p>\n<h2>$2 Billion Crypto Deal Raises Red Flags<\/h2>\n<p><span style=\"font-weight: 400\">Last week, Senate Democrats sounded the alarm over a blockbuster agreement: World Liberty Financial (WLF), a crypto company closely linked to the Trump family, secured a $2 billion deposit from MGX, an investment fund backed by the Abu Dhabi government. The deal, announced at a Dubai conference by Zach Witkoff-co-founder of WLF and son of Trump\u2019s Middle East envoy-will see MGX use WLF\u2019s USD1 stablecoin to transact with Binance, the world\u2019s largest crypto exchange.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The controversy has upended the once-smooth path of the GENIUS Act \u2013 a bipartisan bill designed to create a regulatory framework for stablecoins-cryptocurrencies pegged to the US dollar. <\/span><span style=\"font-weight: 400\">However, Democrats are now demanding sweeping changes, citing concerns that the legislation would disproportionately benefit the Trump family\u2019s crypto ventures.<\/span><\/p>\n<p>\u201cThe bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don\u2019t meet the act\u2019s requirements,\u201d said <span style=\"font-weight: 400\">a group of nine Democrats, including four who voted to advance the legislation out of the Senate Banking Committee. \u201c<\/span>While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor.\u201d<\/p>\n<h2><strong>\u201cThe stablecoin legislation should be passed on a bipartisan basis,\u201d Says White House<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Meanwhile, Anna Kelly, a White House spokeswoman, said that Trump had no conflict because his assets were in a trust managed by his children. \u201cThe stablecoin legislation should be passed on a bipartisan basis,\u201d she said.<\/span><\/p>\n<p><span style=\"font-weight: 400\"> \u201cPresident Trump is dedicated to making America the crypto capital of the world and revolutionizing our digital financial technology,\u201d she added.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:<\/span><\/strong>\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/crypto-presales\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><span data-preserver-spaces=\"true\">11 Best Crypto Presales to Invest in May 2025 \u2013 Top Token Presale<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<p><span style=\"font-weight: 400\">    <\/p>\n<ul class=\"nnbtc-key-takeaways__list\">\n        <\/ul>\n<p><\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <\/li>\n<p><\/span><span style=\"font-weight: 400\">Despite the concerns around Trump\u2019s crypto moves, the Office of Government Ethics has limited power to enforce divestment or prosecute a sitting president, and with both chambers of Congress and the White House under Republican control, Democrats\u2019 calls for accountability may go unheeded.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <\/li>\n<p><\/span><span style=\"font-weight: 400\">The backlash is not limited to Democrats. Even some Senate Republicans and longtime crypto advocates have expressed unease about the Trump family\u2019s aggressive monetization of the presidency through crypto.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/span><\/p>\n<\/div>\n<p>    <\/span><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/trumps-growing-crypto-empire-triggers-backlash-will-stablecoin-legislation-genius-be-passed\/\">Trump\u2019s Growing Crypto Empire Triggers Backlash: Will Stablecoin Legislation GENIUS Be Passed?<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>US President Donald Trump\u2019s deepening ties to the crypto world \u2013 and his family\u2019s direct financial interests- have triggered a senate backlash and ethics investigations. What caused this eruption? A $2 billion deal between a Trump affiliated crypto firm and a state-backed Emirati fund? The launch of a Trump-branded stablecoin? The TRUMP and MELANIA meme [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-25458","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/25458","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25458"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/25458\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}