#TrumpBitcoinEmpire The most powerful cryptocurrency champion in Washington is beginning to become a headache for the industry.

More than four months after taking back the Oval Office, President Donald Trump's business empire is rapidly consolidating as a new crypto empire.

His interests in the industry, with lax regulations, include the digital asset startup World Liberty Financial and the memecoin $TRUMP, a high-risk type of cryptocurrency that was launched just before Inauguration Day. Last week, the president appeared at a private gala dinner at his golf club in Virginia for the top holders of the memecoin, which generated national media coverage. And on Tuesday, Trump Media & Technology Group, whose shares are mostly owned by Trump, revealed plans to raise $2.5 billion to finance a wave of bitcoin purchases.

As expected, the rapid growth of the Trump family's interest in cryptocurrencies has sparked outrage among progressive groups, Democratic lawmakers, and ethics watchdogs. However, it also raises concerns within the industry itself. In light of the advancement of crucial legislation in Capitol Hill, several lobbyists and executives express their worry that the president may undermine their political agenda and even jeopardize their own efforts to establish the United States as the global capital of cryptocurrencies.