Democrats repel Trump's growing Trump Empire

Democrats expressed pressure on President Donald Trump's cryptocurrency companies this week and the fortune that he and his family make the efforts as a vote is advancing on a key crypto bill.

Thursday's vote on the law on engineering law, a bill to establish federal rules for Stablecoins, will be a test of the measure to which the influence of the crypto lobby will strongly support the Trump presidential campaign in 2024.

Even with limited power, Democrats call for probes on parts and donors connected to Trump, looking for financial files and blocking legislation.

Tuesday morning, in Capitol Hill, the representative of California Maxine Waters, the best democrat of the Chamber's Financial Services Committee, left an audience on the allocation of digital assets flanked by democratic colleagues, which closed it.

In the same morning, senator Richard Blumenthal, D-Conn., Sent letters announcing an initial investigation into the expansion crypto empire of the Trump family, calling for the memes of Trump a “payment program”.

Blumenthal, a classification member of the Senate permanent subcommittee on surveys, asked for Fight Fight Fight LLC files. – The company behind the $ Trump memes play – and World Liberty Financial, a family crypto company that recently announced its intention to launch a stablecoin.

He called for property documentation, income flows and all communications with the White House, quoting what he described as “unprecedented conflicts of interest and national security risks”.

Last month, the project organized a promotion offering Top $ Trump holders a dinner with the president and a “VIP White House tour”, a promise that raised the token prize after weeks of decline.

“President Trump's financial tangles to $ Trump's room, as well as the attempt to use the White House to organize competitions to support the value of $ Trump, represents an unprecedented payment system to give access to the presidency to the most offender,” wrote Blumenthal.

About 80% of the $ Trump tokens offer is controlled by the Trump organization and the affiliates, according to the project website.

One of Blumenthal's letters was sent to Bill Zanker, the entrepreneur behind Fight Fight Fight, who controls a large part of the $ Trump token offer.

With the White House and the two chambers of the Congress controlled by the Republicans, the Democrats have little capacity to push a legislative program or to conduct investigations on potential embezzlement. But they bet that an effort coordinated to call what they consider as a corruption in a formerly niche financial market will resonate with a basis of voters which is already sour on the president's economic policies.

The White House responded to Blumenthal's investigation with a brief statement from the assistant press secretary, Anna Kelly, “Crypto World” from CNBC.

“President Trump's assets are in a trust managed by his children. There are no conflicts of interest,” she wrote.

Waters summoned a session reserved for democrats on Tuesday focused on Trump and World Liberty Financial. His decision to derail the primary hearing came after the representative French Hill, R-Ark., President of the House Financial Services Committee, rejected her request to include provisions in the bill on the structure of the digital asset market aimed at preventing Trump from taking advantage of digital assets during his functions.

“I oppose this joint hearing due to the corruption of the President of the United States – and his property of Crypto and his supervision of all agencies,” said Waters.

Kelly responded to the waters, saying that Trump worked to make America the “capital of the cryptographic world”.

Waters presented a discussion project which would prohibit the president and the members of the congress from having cryptographic assets or to benefit financially.

In the Senate, the Democrats unveiled on Tuesday the “end of the Crypto Corruption Act”, led by Sens. Jeff Merkley de l'Oregon and Chuck Schumer from New York, intended to ban elected officials and superior branches and their families from delivering or implementing digital assets.

“Currently, people who wish to cultivate the influence with the president can enrich him personally by buying a cryptocurrency he has or controls,” said Merkley. “It is a deeply corrupt regime. It endangers our national security and erodes public confidence in the government.”

“Our democracy should not be for sale,” said Schumer, the head of the Senate minority.

The bill has already obtained the support of the main Democrats of the Senate and the mentions of surveillance groups, in particular the action of public citizens and defenders of democracy.

Merkley and senator Elizabeth Warren in Massachusetts sent a letter this week to the government's ethics office, requiring an urgent examination of an agreement reported between World Liberty Financial, Crypto Exchange Binance and a fund supported by the state of water called MGX. Senators have warned that the agreement could represent an “amazing conflict of interest”, violate federal corruption laws and raises national security problems.

MGX based in Abu Dhabi Using the Trump Stablecoin for an investment of $ 2 billion in Binance, Reuters reported.

Boot also sent a letter At the OGE, questioning a renunciation of the White House granted to David Sacks, the AI ​​of the White House and the Czar Crypto.

Sacks, a venture capital that co-organized a fundraising of 1.5 million dollars of head this week for a Super CAP aligned by Trump, would have divided his time between advising the president on cryptography policy and managing a business with active investments in the space of digital assets.

Under the Federal Ethics Act, these financial tangles would generally prevent it from shaping politics in the same sector.

But the Trump administration issued ethics that states that the assets of Sacks were “not so substantial” that they compromised its judgment – an affirmation that Warren called unverifiable. In his letter, Warren demanded the clarity of the OGE on the question of whether she examined the renunciation and if the bags still hold financial interests linked to the crypto which pose a conflict of interest.

Sacks said that he had sold more than $ 200 million in investments related to digital assets personally and through his business, Craftures Ventures, before starting the position, according to a note of the White House in March.

The Genius Act was heading for a vote in the Senate with bipartite support until the weekend, when nine Democrats in the Senate withdrew, citing anti-flask guarantees and new fears that the inner circle of Trump can benefit financially from the change of policy.

Democratic Sens. Ruben Gallego de l'Arizona, Mark Warner de Virginie, Andy Kim from New Jersey, and Lisa Blunt Rochester from Delaware, among others, said in a statement that they remained open to negotiations but would not support the bill in its current form.

“We can't wait to continue working with our colleagues”, ” They wroteBut we noted “we could not vote for the cluster if the current version of the bill came to the ground.”

The cryptography industry puts pressure on it.

“The law on engineering will protect consumers and will increase transparency – a significant improvement in the status quo,” said Chris Dixon, managing manner in the crypto practice of Andreessen Horowitz, in a Publish. “Move quickly on this bill and a bill on the structure of the market would provide a long-awaited clarity to consumers and industry so that we strengthen the domination of the dollar and that the United States remains the leader in blockchain technology.”

Stripe, who recently acquired Stablecoin Infrastructure Startup Bridge Network for $ 1.1 billion, also supported the bill. The company said as part of a press release On Tuesday, he “supports the development of a clear and coherent regulatory framework for stablecoins and welcomes the increasing bipartite interest for this issue”.

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