{"id":128673,"date":"2025-05-06T09:35:22","date_gmt":"2025-05-06T09:35:22","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128673"},"modified":"2025-05-06T09:35:22","modified_gmt":"2025-05-06T09:35:22","slug":"us-senate-crypto-bills-stall-amid-trump-ties-and-ethics-concerns","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128673","title":{"rendered":"US Senate crypto bills stall amid Trump ties and ethics concerns"},"content":{"rendered":"

Source: Cointelegraph.com NewsEfforts to pass crypto legislation in the US Senate face mounting resistance amid growing ethical concerns around US President Donald Trump\u2019s ties to crypto.
\nIn a May 5 letter to the Office of Government Ethics, Senators Elizabeth Warren and Jeff Merkley said that Trump and his family stand to personally profit from an investment involving UAE state-backed firm MGX, crypto exchange Binance and World Liberty Financial (WLFI).
\nThe senators called for an urgent probe, warning the deal may violate the US Constitution\u2019s Emoluments Clause and federal bribery statutes.
\nAt the center of the controversy is WLFI\u2019s USD1 stablecoin, reportedly chosen for a $2 billion investment MGX plans to make into Binance.
\nThe senators said the transaction amounts to a potential backdoor for foreign influence and self-enrichment, with Trump\u2019s allies allegedly set to receive hundreds of millions of dollars:
\n\u201cThis deal raises the troubling prospect that the Trump and Witkoff families could expand the use of their stablecoin as an avenue to profit from foreign corruption.\u201d
\nFurther complicating ethics concerns, Trump hosted a $1.5 million-per-plate dinner on May 5 at his golf club in Sterling, Virginia. The event came just days after hosting a $1 million-per-plate fundraiser for the MAGA super PAC.
\nHe also plans to hold a gala dinner with major Official Trump (TRUMP) memecoin holders on May 22, despite multiple US lawmakers expressing concerns.
\nSource: Elizabeth WarrenRelated:\u00a0America\u2019s crypto renaissance is already failing; but we can fix it
\nGENIUS Act faces roadblocks
\nThe Trump family\u2019s controversial $2 billion crypto deal comes as the Senate prepares to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and other crypto-related bills.
\nThe fallout is already being felt in Congress. Some Democratic lawmakers are pushing for additional hearings before advancing any legislation, while others question whether Trump\u2019s personal stake in digital assets is undermining bipartisan support for crypto regulation.
\nOn May 5, Senate Majority Leader John Thune signaled a willingness to amend the GOP-backed stablecoin legislation to pass the bill in the coming weeks.
\nSpeaking to reporters, Thune said changes can be made on the floor and that he is waiting to hear what Democrats are asking for, per a report from Politico.
\nInternal GOP challenges also remain, with Senator Rand Paul expressing uncertainty about backing the bill, according to the report.
\nThe stalling isn\u2019t limited to the Senate. House Financial Services Committee ranking member Representative Maxine Waters\u00a0plans to block a Republican-led event discussing digital assets on May 6.
\nThe hearing, \u201cAmerican Innovation and the Future of Digital Assets,\u201d will discuss a new crypto markets draft discussion paper pitched by the House agricultural and financial services committee chairs, Representatives Glenn Thompson and French Hill, respectively.
\nRelated:\u00a0Elizabeth Warren joins call for probe of Trump over crypto tokens
\nCrypto community slams political pushback
\nProminent crypto figures are speaking out as political resistance threatens to derail stablecoin legislation in the Senate.
\n\u201cElizabeth Warren and Chuck Schumer haven\u2019t learned their lesson,\u201d Tyler Winklevoss, co-founder of Gemini, posted on X.
\n\u201cIf they want Democrats to continue losing elections, they will continue standing in front of crypto legislation like the stablecoin bill which they are stalling out in the Senate.\u201d
\nSource: Tyler WinklevossMagazine:\u00a0Trump\u2019s crypto ventures raise conflict of interest, insider trading questionsRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsEfforts to pass crypto legislation in the US Senate face mounting resistance amid growing ethical concerns around US President Donald Trump\u2019s ties to crypto. In a May 5… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128673"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128673"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128673\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128673"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}