Efforts to pass the Crypto law in the US Senate face the mocion of resistance amid growing ethical concerns around the relationship of President Donald Trump in crypto.
On one May 5 Letter In the US Office of Government Ethics, Senators Elizabeth Warren and Jeff Merkley said Trump and his family stood in person earning from an investment involving the UAE -supported state mgxCrypto Exchange Binance and World Liberty Financial (WLFI).
Senators called for an urgent investigation, warning the deal could violate the US Constitution’s emoluments clause and federal bribery laws.
In the midst of controversy is WLFI’s USD1 Stablecoin, which has been reported to have been selected for a $ 2 billion investment MGX’s plan to make Binance.
Senators said the value of the transaction on a potential backdoor for foreign influence and self-enrichment, along with Trump’s allies allegedly received hundreds of millions of dollars:
“This deal has raised the frustrating expectation that Trump and Witkoff families can expand their stablecoin use as an avenue to earn from foreign corruption.”
Further enlargement of ethical concerns, Trump Naka -host A $ 1.5 million-per-plate dinner on May 5 at his golf club in Sterling, Virginia. The event came a few days after hosting a $ 1 million-per-plate fundraiser for Maga Inc. Super Pac.
He too Plan to hold a gala dinner Memecoin’s major officials held by Memecoin on May 22 despite many US lawmakers expressed concern for the initiative.
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Genius Act faces road barriers
The controversial $ 2 billion of the crypto family comes from as the Senate prepares to vote on the guide and promoting national innovation for the US Stablecoins (Genius) Act and other Crypto -related fees.
The fall has already felt in Congress. Some democratic lawmakers are pushing for further hearings Before promoting any law, while others talk about whether Trump’s personal stake in digital assets disrupts Bipartisan support for crypto regulation.
On May 5, Senate Majority Leader John Thune signed a willingness to change the law supported by the GOP Stablecoin to pass the bill in the coming weeks.
In talking to journalists, Thune said the changes could be made on the floor and he waited Report From the politico.
The challenges of the internal GOP remain, along with Senator Rand Paul who expresses uncertainty about supporting the bill, according to the report.
Stalling is not limited to the Senate. House Financial Services Committee Rank of Member Maxine Waters plans to block An event chaired by the Republican discussing digital assets on May 6.
The hearing, “American Innovation and the Future of Digital Assets,” is expected to discuss the new crypto market draft discussion of a discussion built by Thompson, Hill, and other members of the committee.
Related: Elizabeth Warren joined the call for Trump’s investigation into crypto tokens
The crypto community slows down political pushing
Crypto figures speak as political resistance threatens Derail Stablecoin law in the US Senate.
“Elizabeth Warren and Chuck Schumer did not learn their lesson,” Posted by Tyler Winklevoss, Gemini’s co-founder, posted on X.
“If they want the Democrats to continue to lose the election, they will continue to stand in the face of crypto law such as the Stablecoin Bill they are preventing in the Senate.”
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