The post Trump’s Crypto Ventures Block Stablecoin Legislation appeared on BitcoinEthereumNews.com.

Trump’s crypto ventures hinder the GENIUS Act due to concerns over conflicts of interest. Senate Democrats cite Trump’s financial conflicts as a reason for blocking the stablecoin bill. $TRUMP coin’s surge raises concerns of a “pay-for-play scheme” linked to the president. Donald Trump’s direct involvement in the cryptocurrency world is leading to major hurdles towards the realization of his crypto agenda. This week, the GENIUS Act, a significant piece of legislation to set up federal regulations for stablecoins, could not pass through the Senate. The reason for disagreement is the fear of conflicts of interest, especially concerning Trump’s crypto businesses, such as his meme coins. Bipartisan Support Undermined by Meme Coin Controversy The GENIUS Act had received bipartisan support, with both Democrats and Republicans acknowledging the need for stablecoin regulation. However, the support began to fade because of the $TRUMP meme coin, which had surged in value following Trump’s endorsement and controversial promotions. One such promotion, whereby top holders of the coin received a dinner with the president and a VIP White House tour, the coin’s value skyrocketed. Critics, such as Senator Richard Blumenthal, D-Conn. referred to this as a “pay-for-play scheme,” describing that this was a conflict of interest. Related: CZ Dissociates Self From TRUMP Meme Coin, Confirms Owning None Senators Warn of Corruption and National Security Risk Senator Jeff Merkley, D-Ore., challenged the president over his financial entanglements. He stated: Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls He asserted that it is a corrupt practice that endangers national security and erodes public confidence in the government. Merkley’s comment aligns with increasing anxiety in the legislature over Trump’s involvement with the crypto industry. Trump’s crypto activities are not limited to meme coins. World Liberty Financial…

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Filed under: News - @ May 10, 2025 10:23 pm