US President Donald Trump looks when he makes remarks outside the west wing of the White House in Washington, DC, United States, on May 8, 2025.
Kent Nishimura | Reuters
President Donald Trump is held in his own way when it comes to adopting cryptography legislation.
The legislators have rejected this week the Act on Engineering – a bill intended to establish federal rules for the floors – in part because of the concerns that the personal cryptocurrency companies of President Trump created an unprecedented conflict of interest.
“Currently, people who wish to cultivate the influence with the president can enrich him personally by buying a cryptocurrency he has or controlled,” said senator Jeff Merkley, D-ear., In a press release at CNBC explaining his opposition to the bill. “It is a deeply corrupt regime. It endangers our national security and erodes public confidence in the government.”
Stablecoins are digital currencies that are set at the value of other assets, such as the US dollar.
Putting something at the Congress is a difficult battle for the Republicans given his thin majority like a razor in the Chamber, requirements to the test of flibusier objects in the Senate and an increasingly unified position of Democrats against the agenda of President Trump. But enough democrats seemed to be on board with a Stablecoin law to win a rare bipartite victory for the president.
It's until $ Trump is hindering.
The president's same part, which he launched just before the inauguration in January, added billions of dollars of paper value to his chests. Its value soared last month after the project organized a promotion offering Top $ Trump holders a dinner with the president and a “VIP VIP visit”. Senator Richard Blumenthal, D-Conn., Described it as “payment program”. First lady Melania Trump also has a room.
The engineering bill failed to move forward in the Senate on Thursday. He needed 60 votes to move to the Senate for the final adoption. The final count was 48 in favor and 49 against. Three senators did not vote.
Earlier in the week, the Democrats of the Senate unveiled the “end of the Crypto Corruption Act”, led by Merkley and the chief of the Chuck Schumer minority in New York, intended to ban elected officials and higher staff of the executive branch and their families from emitting or approving digital assets.
But the main defections of stable legislation came last weekend, when a group of nine Democrats in the Senate – four of which had previously voted for the bill in a committee – said they would not support it and would not call it stronger provisions to tackle “money laundering, foreign issuers and national security”.
“ Self-actor in progress ''
Senator Lisa Blunt Rochester from Delaware was one of the four. She directly indicated Trump's financial tangles.
“I also remain concerned about the fact that conflicts of self-scaling interests and interests are made by the Trump family,” she wrote in a statement on Thursday.
These are not just the pieces even $ Trump and Melania. There is also the Trump Family Crypture World Liberty Financial Financial, which was created last year and launched a stablecoin as well as the administration has put pressure on the more loose regulations on digital assets.
The reports indicated that MGX based in Abu Dhabi Use Trump's stablecoin for an investment of $ 2 billion in Binance Crypto Exchange, creating another potential conflict of interest for an exercise president.
For some investors and entrepreneurs of the cryptography industry, the continuation of the president of personal profits creates a major obstacle to the long -awaited progress. After years of backhand during the Biden administration, the cryptography lobby became a powerful force to finance the Trump campaign in 2024 and to successfully support the candidates adapted to the industry at the Congress.
“It is regrettable that personal affairs are annoying good policy,” said Ryan Gilbert, founder of Fintech Venture Fund Launchpad Capital. “I hope everyone in the administration, including the president, will come out of the right policy.”
The White House did not respond to a request for comments. On Friday, at a press conference on Friday, the press secretary of the White House, Karoline Leavitt, said, questioned on the same money dinner, that “the president is remaining by all the laws on conflicts of interest”.
“The president is a prosperous businessman, and I think he is one of the many reasons why people have re -elected him to this office,” said Leavitt.
A number of best Democrats, including senator Elizabeth Warren from Massachusetts and Kirsten Gillibrand in New York joined the criticism parade, targeting the personal activities of President Trump. Gillibrand helped to present The law on genius earlier this year, but it said this week that there were “a number of unanswered problems which were to be resolved before the bill could pass the full Senate”.
“I believe that it is essential in the future of the US economy and to everyday Americans that we adopt stable regulations and consumer protections where it does not exist,” Gillibrand said in a statement. “I remain extremely confident and I hope that very soon, we will be able to finish the work.”
Senator Blumenthal called for a investigation into Trump -related parts, demanding financial files from World Liberty Financial and slamming the president for “the attempt to use the White House to organize competitions to support the value of $ Trump”.
Senator Ruben Gallego, D-Arizona, had supported the law on genius, but said that he could not go ahead this week after the Republicans refused to give more time to negotiate.
“Without more time to finish at least the bill, there was no real bipartite path,” he wrote on X.
Gilbert de Launchpad said that the Genius Act was only the first piece. More broadly, the president's conflicts could have an impact on hopes for other legislative achievements and deregulation efforts as well as on the reputation of the American cryptography industry on the world scene.
“We will be the upwinds of the world for this particular reason, and this will retain continuous investment and innovation,” said Gilbert. “There has been hope in the past six months that we could lead to the United States, and that the investment should pour out in companies related to cryptography, then it will once again be simpler and achievable, so that all companies take lead and invest in cryptographic assets.”
However, he said: “If the act of genius does not pass, we are back at square one.”
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