Congressman Ritchie Torres (Democrat, New York) is preparing to introduce the "Stop Presidential Profiteering from Digital Assets Act," prohibiting the president, Congress, and their families from profiting from memecoins and stablecoins. Is this a turning point for the crypto industry to regain credibility? Let's analyze in detail.


New Bill: Prevent Profiteering from Crypto

Torres' bill prohibits senior officials – including the president, vice president, members of Congress, appointed officials, and their families – from initiating, issuing, or promoting digital assets using names, images, or personal identifiers. The goal is to strengthen public trust, avoid conflicts of interest, especially targeting controversial crypto projects of the family #TRUMP .


Trump's Influence in Crypto

From late 2024, Trump and his family enter the crypto market, bringing hopes of revival due to friendly policies. However, projects like the TRUMP memecoin and World Liberty Financial (WLFI) with the USD1 stablecoin are controversial:



  • TRUMP Memecoin: Surging due to access to Trump, but criticized by Democrats for harming crypto's credibility. Bloomberg shows that top holders are mainly foreign investors, raising concerns about external manipulation.


  • USD1 Stablecoin: WLFI uses USD1 in the $2 billion deal of MGX (Abu Dhabi) with Binance, raising questions of conflict of interest. Senator Richard Blumenthal requests an investigation, increasing legal pressure.



Mark Cuban: Supports Regulation, Criticizes Worthless Projects

Billionaire #MarkCuban supports SEC reform under the Trump administration, appreciating the change after a long period of stagnation. However, he criticizes TRUMP and similar memecoins, arguing that they lack real value, distort the crypto image, and make it difficult for investors to recognize the industry's potential.


Impact on the Crypto Market

This event signals many things:



  • Increase transparency: The bill could reduce risks from profiteering projects, supporting stablecoins like USDC and USD1 (market cap of $230 billion, Citigroup).


  • Short-term volatility: TRUMP and WLFI may face downward pressure, but the flow of crypto funds ($3.4 billion last week) remains strong.


  • Long-term growth: Forecast of accumulating $330 billion into Bitcoin by 2029 (Bernstein) requires a clear legal framework for sustainable development.


Future Prospects

If the bill is passed in the next 1-2 years, the crypto industry may regain credibility, especially as Oregon (SB 167) and New Hampshire (Bitcoin reserve) have paved the legal way. However, reactions from Trump and the crypto community will determine the actual impact.


Conclusion: Will Crypto Escape Pressure from Trump?

Torres' bill prohibits Trump and lawmakers from profiting from memecoins (like TRUMP) and stablecoins (USD1), aiming to avoid conflicts of interest and increase trust in crypto. While controversial, this move, along with support from Cuban, promises to shape the industry towards greater transparency. Investors should closely monitor to assess legal impacts.


Risk warning: Investing in crypto carries high risks due to price volatility and legal uncertainties. Please consider carefully before participating. #anhbacong