Democrats will introduce legislation aimed at preventing President Donald Trump and lawmakers from sponsoring cryptocurrencies.
Congressional Democrats are split on how to handle cryptocurrency, with some eager to encourage the industry by facilitating a regulatory framework and others skeptical of it altogether. After finding out the Trump family could make billions in crypto profits, Sen. Jeff Merkley (D-OR) told lawmakers on Monday that he will introduce a bill banning presidents, lawmakers, and their families from issuing, endorsing, or sponsoring cryptocurrencies, Axios reported.
Recommended Stories
- Lankford pushes Congress to pass immigration bill to make border security permanent
- Crypto leaders race to lock down stablecoin bill support ahead of Senate vote
- VA chief defends workforce cuts and promises to protect veteran care at Senate hearing
He said his bill would “address and curb the corruption that the Trump Administration is potentially engaging in.”
The Washington Examiner reached out to Merkley for comment.
Merkley and Sen. Elizabeth Warren (D-MA) have led the charge against the Trump family’s interest in cryptocurrency, sending a letter protesting a recent deal between a Trump-backed crypto company and foreign crypto firm to the Office of Government Ethics Acting Director Jamieson Greer.
“In short, a crypto firm whose founder needs a pardon and a foreign government spymaker coveting sensitive U.S. technology plan to pay the Trump and Witkoff families hundreds of millions of dollars. The opportunities for grift — in which the Trump Administration offers favors to the UAE or to Binance in exchange for their massive payouts — are mind-boggling,” the duo wrote.
They alleged that payments from MGX, which has close ties with the Emirati government, to the Trump-connected World Liberty Financial could violate the Emoluments Clause of the Constitution.
“The deal may also violate federal ethics statutes, including criminal provisions barring bribery. This 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. As Mr. Witkoff’s son said while celebrating the announcement: ‘It’s only the beginning,’” they added.
Trump launched his own memecoins called $TRUMP and $MELANIA in January, worth $2.19 billion and $179.6 million, respectively, as of May 7. Both coins have suffered massive losses since their Jan. 20 all-time highs, with $TRUMP down over 85% and $MELANIA down nearly 98%. He launched his own collectible NFTs during the 2024 campaign using Solana, the same network he used to launch his memecoins.
Trump’s crypto czar, David Sacks, is a big proponent of Solana, which has experienced at least 10 network disruptions since its inception.
CRYPTO LEADERS RACE TO LOCK DOWN STABLECOIN BILL SUPPORT AHEAD OF SENATE VOTE
The president’s company, Trump Media & Technology Group, the parent company of Truth Social, is also planning to launch a Bitcoin exchange-traded fund.
Outrage over the Trump family’s connection to cryptocurrencies has spread to the House, where a joint committee hearing was canceled after a group of Democrats led by Rep. Maxine Waters (D-CA) withdrew unanimous consent.