#TrumpBitcoinEmpire Its interests in the loosely regulated industry include the digital assets startup World Liberty Financial and the $TRUMP memecoin, a risky type of crypto token that launched just before Inauguration Day. Last week, the president appeared at a private gala dinner at his golf club in Virginia for the memecoin’s top holders, sparking national news coverage. And on Tuesday, Trump Media & Technology Group, whose stock is majority owned by Trump, unveiled plans to raise $2.5 billion to finance a bitcoin buying spree.

The Trump family’s fast-growing crypto interests have predictably drawn outrage from progressive advocacy groups, Democratic lawmakers and ethics watchdogs. But they’re also stirring concern within the industry itself. With critical legislation advancing on Capitol Hill, several lobbyists and executives say they are worried that the president could undermine their policy agenda and even jeopardize his own efforts to establish the U.S. as the world’s crypto capital.

“It’s a distraction,” said one lobbyist, who, like several other industry players who spoke with POLITICO, was granted anonymity to speak freely about Trump’s business ventures. “We’re excited to have a president who is enthusiastic about crypto. But the way they’ve done this … it just doesn’t look good.”