According to BlockBeats, on May 19, the Wall Street Journal reported that U.S. President Trump and his family's enthusiasm for cryptocurrency has made the industry one of the biggest winners in his second term. Given Trump's vast business interests, critics have raised ethical concerns.
The Trump family representatives have discussed investing in Binance.US. This would allow the U.S. president to conduct business with a company that has acknowledged violating anti-money laundering laws. Binance executives also met with U.S. Treasury officials to discuss easing government regulation on the company. Binance founder and major shareholder CZ recently stated that his lawyers have formally applied for a pardon. Last year, he served four months in prison due to related charges.
The Trump family also owns a company named World Liberty Financial, which was established in September last year. Trump's sons, Donald Jr., Eric, and Barron, are all involved in this venture, with the Trump family controlling approximately 60% of the company's equity. Justin Sun invested $75 million in the project, further propelling this momentum. In February, the U.S. Securities and Exchange Commission (SEC) requested a court to suspend a lawsuit accusing Justin Sun and his company of fraud.
Trump's team is trying to push Congress to pass two cryptocurrency bills in the coming months: one to establish the first regulations for stablecoins, and the other to define which crypto products are regulated as securities by the U.S. Securities and Exchange Commission (SEC) and which are regulated as commodities by the U.S. Commodity Futures Trading Commission (CFTC). The Senate is expected to vote on its version of the stablecoin bill soon. Some Democrats oppose the bill, citing potential conflicts of interest for Trump and the activities surrounding stablecoins.
