As President Donald Trump increasingly expands his relationships with the crypto industry, Democratic members have voiced warnings, accusing him of running a 'self-serving government.'
However, behind the heated controversies, an ironic truth is gradually being revealed: some lawmakers who publicly oppose Trump's cryptocurrency stance are quietly supporting bills that could advance the very industry he backs. In Washington, the question that the community cares about is no longer whether cryptocurrency will develop, but who will shape its future – and for what purpose.
Democrats target Trump's 'crypto empire'
As Donald Trump accelerates his influence in the crypto space – from memecoins to stablecoins, the Democrats are also ramping up their wave of opposition. This week, Senator Richard Blumenthal launched an investigation into crypto projects associated with Trump, citing concerns about national security and potential conflicts of interest.
Meanwhile, Representative Maxine Waters – a senior member of the Democratic Party – has suspended a hearing on digital assets, criticizing it as a 'political bribery scheme' related to Trump's presidency. A new bill called the 'End Crypto Corruption Act' has also been introduced, aiming to completely ban elected officials from profiting from digital assets.
In the context of the Republicans controlling both Congress and the White House, the Democrats are leveraging public outrage, warning that Trump's crypto activities could blur the lines between public duty and personal interest.
Are Democrats quietly supporting from behind?
Behind the fiery speeches and intense press conferences is a more complex reality unfolding. While publicly condemning Trump's crypto projects, many senior Democratic members are supporting laws that could facilitate them.
For example, Senator Kirsten Gillibrand and Senate Majority Leader Chuck Schumer both support the GENIUS Act, which paves the way for the use of stablecoins (including those backed by Trump) in federal government payments.
Critics argue that this bill undermines consumer protections while creating a 'blur' between the public and private sectors. Although 9 Democratic Senators recently threatened not to support the bill due to national security concerns, they have not yet fully withdrawn.
The contradiction between their words and actions reveals an uncomfortable truth: while publicly opposing Trump's crypto empire, some Democrats may be quietly laying the groundwork for that very empire from behind the scenes.
Has political bias clouded rational judgment?
Financial markets tend to grow regardless of who is in the White House, as clearly shown in the chart above. However, when Trump began to engage in the crypto space, the political response became immediately intense. In a highly politicized environment, the name Donald Trump has become the focal point, completely overshadowing the actual substance of the policy.
The outrage may not accurately reflect the nature of crypto but instead shows how political biases are distorting the entire debate.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.