U.S. politicians pursue legislation targeting Trump's alleged unethical crypto ventures
Rewritten Article:
Donald Trump and Cryptocurrency: Senators Propose End Crypto Corruption Act
Some U.S. senators are pushing for a ban on presidents, their families, and high-ranking political figures from investing in and promoting cryptocurrencies. They're labeling it a "corruption scheme."
The End Crypto Corruption Act, introduced by Democratic senators Jeff Merkley and Chuck Schumer, intends to put a stop to the financial dealings of President Trump and his family, who are allegedly raking in big bucks from cryptocurrency ventures.
The Trumps are thought to have made tens of millions from crypto ventures, such as launching $TRUMP and $MELANIA coins just days before the inauguration.
The bill doesn't just target the Trumps. It aims to prohibit the vice president, senior executive branch officials, members of Congress, and their immediate families, from financially benefiting from issuing, endorsing, or sponsoring crypto assets, like meme coins and stablecoins.
According to a new report by State Democracy Defenders Action, the president's crypto investments now account for nearly 40% of his net worth, or roughly $2.9bn (£2.1bn).
"People who wish to influence the president can enrich him personally by buying cryptocurrency he owns or controls," said Senator Merkley. "This is a corruption scheme. It's dangerous for our national security and erodes public trust in government. Let's end this corruption immediately."
Cryptocurrencies: A Rollercoaster Ride
- The price of cryptocurrencies jumped when Trump revealed he'd like Bitcoin and others to be part of a new U.S. strategic reserve.
- The largest crypto heist in history, worth $1.5bn, has been linked to North Korean hackers.
- It was reported as the "worst hack in history" when $1.5bn in cryptocurrency was stolen.
Related Topics:
- Cryptocurrencies
- Donald Trump
Amid these allegations, two days ago, senators Schumer and Warren demanded answers from the Trump Administration about a billion-dollar business deal involving a Trump-backed cryptocurrency company and a foreign crypto firm. They wrote a letter to the Office of Government Ethics acting director Jamieson Greer, expressing concerns about a staggering conflict of interest that could violate the Constitution and open the government to foreign influence.
In March, cryptocurrency prices surged after Trump expressed his enthusiasm for Bitcoin and other tokens to be part of a new U.S. strategic reserve. Trump first introduced the idea of this stockpile last summer at Bitcoin 2024 conference in Nashville.
Recently, there have been reports that the president has two crypto-focused dinners lined up for this month. One is intended for deep-pocketed political donors, while the other caters to meme coin millionaires. Both events seem poised to help Trump collect millions.
Despite being critical of cryptocurrencies during his first term, President Trump has now become a champion of the decentralized currency. On the campaign trail, he promised to turn the U.S. into the "crypto capital" of the world.
The bill is sponsored by 13 other Democratic senators, although it's unclear at this stage whether or how it will progress.
- The End Crypto Corruption Act, proposed by Senators Jeff Merkley and Chuck Schumer, aims to prevent high-ranking political figures like the president and members of Congress from financially benefiting from cryptocurrencies, due to concerns about corruption, national security, and erosion of public trust in government.
- The Trump Administration is under scrutiny for a billion-dollar business deal involving a Trump-backed cryptocurrency company and a foreign crypto firm, which senators Schumer and Warren demand answers about, due to potential conflicts of interest that could violate the Constitution and expose the government to foreign influence.
- Among other concerns, the increased involvement of President Trump in cryptocurrencies raises questions about war between the decentralized nature of cryptocurrencies and traditional policy-and-legislation, particularly as Trump's crypto investments now account for nearly 40% of his net worth.
- As cryptocurrency prices surged in response to Trump's enthusiasm for Bitcoin and other tokens to be part of a new U.S. strategic reserve, war rhetoric between Trump and his critics over cryptocurrencies has intensified, further fueling the rollercoaster ride of cryptocurrency values.
- In an unusual twist, President Trump has emerged as a champion of cryptocurrencies, despite his previous criticisms, with reports indicating he has two upcoming crypto-focused dinners lined up for this month, meant to collect millions from deep-pocketed political donors and meme coin millionaires, further stoking political conflict surrounding cryptocurrencies.
