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Trump's Crypto Ties at Forefront as U.S. Lawmakers Weigh Crypto Market Structure Bill
The intersection of cryptocurrency and politics has reached a boiling point in Washington, D.C., as President Donald Trump's deepening involvement in the digital asset space raises significant ethical and legislative concerns. As Congress debates the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill aimed at establishing a regulatory framework for cryptocurrencies, Trump's personal and familial crypto ventures have become a focal point of controversy.
Trump's Expanding Crypto Footprint
President Trump's administration has taken unprecedented steps to integrate cryptocurrencies into national policy. In March 2025, Trump signed an executive order establishing a Strategic Bitcoin Reserve, positioning the U.S. as a major holder of Bitcoin with an estimated 200,000 BTC . Additionally, Trump's media company has proposed launching a Truth Social Bitcoin ETF, signaling a push into crypto-based financial products .
The Trump family's direct involvement in the crypto industry extends further. Eric Trump and Donald Trump Jr. have announced plans to develop an "official" crypto wallet through their firm, World Liberty Financial . This move comes amid disputes over unauthorized use of the Trump brand in other crypto ventures.
Legislative Turmoil and Ethical Concerns
The FIT21 bill, designed to delineate regulatory responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission, has encountered bipartisan support. However, it has also sparked significant opposition due to concerns over potential conflicts of interest. Representative Maxine Waters has been a vocal critic, labeling the bill as facilitating "Trump's crypto corruption" and leading a walkout during a joint House hearing in protest .
Further complicating matters, Senators Elizabeth Warren and Jeff Merkley have called for an ethics probe into a $2 billion stablecoin deal involving Trump's family and UAE-backed firm MGX.
