Trump’s crypto ambitions keep crashing into his own actions
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President Trump just watched his biggest crypto push collapse because of his own wallet. On Thursday, the Senate rejected the GENIUS Act, a bill meant to set federal rules for stablecoins. The vote ended 48-49, with three senators missing. And no, it wasn’t party politics that killed the bill—it was Trump’s personal coin empire blowing everything up from the inside. This should’ve been one of the rare moments where Democrats and Republicans found common ground. Lawmakers had been warming up to the idea of regulating stablecoins, especially after years of gridlock under Biden. But just as the finish line got close, Trump’s $TRUMP meme coin, his wife’s $MELANIA coin, and a family-run crypto company pulled the whole thing down. Trump’s own crypto ventures kill his legislation Senator Jeff Merkley, a Democrat from Oregon, said what everyone else was thinking: “Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls.” He called the setup “a profoundly corrupt scheme,” adding that it threatens national security and tears down public trust. Senator Lisa Blunt Rochester from Delaware said she couldn’t vote yes because of “ongoing self-dealing and financial conflicts of interest being carried out by the Trump family.” That includes the $TRUMP coin’s recent promo: offering dinner and a White House tour to its biggest holders. Senator Richard Blumenthal, from Connecticut, slammed it as a “pay-for-play scheme” and demanded a full investigation. He wants financial records from World Liberty Financial, a Trump-linked crypto company launched last year. That company just rolled out its own stablecoin, conveniently while the White House pushed for looser rules around the entire space. Then came the foreign angle. Reports say that Abu Dhabi-based MGX is using Trump’s stablecoin to fund a $2 billion investment in Binance, the…
Filed under: News - @ May 10, 2025 2:24 pm