While the U.S. Senate recently showed bipartisan support for the GENIUS Act—legislation aimed at regulating stablecoins—Democratic senators are now pushing for a major addition. Led by Chuck Schumer, Elizabeth Warren, and Jeff Merkley, the group is introducing an anti-corruption amendment that would ban sitting presidents from profiting off cryptocurrency ventures. The target? Donald Trump.
🔹 A Ban on Presidential Profits from Crypto
Senator Merkley wrote on X that passing the GENIUS Act without their amendment would signal that Congress condones Trump’s alleged “pay-to-play” crypto influence scheme. Schumer is expected to back the proposal, which aims to directly address Trump’s growing involvement in the crypto space—specifically via the USD1 stablecoin.
This stablecoin was launched in March by World Liberty Financial (WLFI), a crypto platform reportedly operated by Donald Trump and his three sons. Eric and Donald Jr. are reportedly overseeing the project’s strategy, while the youngest, Barron Trump, is described as the “DeFi visionary” behind the initiative.
🔹 Conflict of Interest and Foreign Influence?
Democrats fear that once stablecoins like USD1 are formally recognized under U.S. law, Trump and his family could financially benefit from legislation they helped shape. One striking example: an investment firm from Abu Dhabi has announced it will use USD1 to settle a $2 billion deal with Binance, potentially saving the Trump family millions in fees.
To prevent such scenarios, Warren and her colleagues are calling for a formal investigation into Trump’s ties to WLFI. Co-founder Zach Witkoff has dismissed the concerns, calling the media coverage “misleading and inaccurate.”
🔹 Private Trump Dinner Under Scrutiny
What truly stirred the debate, however, was a private dinner hosted by Trump for 220 of the top meme coin investors. Notable attendees included Chinese crypto billionaire Justin Sun. Held at Trump’s golf resort, the event has raised serious red flags among lawmakers.
Merkley was set to join a protest outside Trump’s estate, organized by consumer group Public Citizen and progressive movement Our Revolution. Meanwhile, Warren, Merkley, and Senator Chris Murphy held a press conference demanding that Trump release the guest list, as most attendees remained anonymous—even though some admitted owning wallets that qualified them to attend
Senator Murphy called it “perhaps the most corrupt form of political fundraising in modern history,” arguing that guests essentially paid for private access to the President, possibly even to request favors involving national security.
The White House declined to comment.
📌 Democrats are now launching a new front in their effort to keep politics and crypto separate—with Donald Trump once again at the center. Whether their amendment succeeds could have far-reaching consequences for crypto regulation in the United States.
#TRUMP , #TrumpCrypto , #Stablecoins , #USPolitics , #CryptoNewss
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