Yeliz Akmaca 
US President Donald Trump’s rapid rise in the cryptocurrency world is drawing backlash from Democrats. Trump’s meme coin and stablecoin projects, particularly World Liberty Financial and the $TRUMP token, are at the center of controversies. Democratic senators argue that these ventures could pose national security risks. Additionally, the millions of dollars in revenue generated by the President’s family from crypto projects are raising ethical concerns.
Democrats Launch Investigation
Connecticut Senator Richard Blumenthal has initiated a preliminary investigation into Trump’s crypto projects. Blumenthal stated that these projects are risky due to a lack of transparency and potential conflicts of interest. Meanwhile, Massachusetts Senator Elizabeth Warren suggested that Trump’s crypto reserve plans could favor certain actors in the industry. Warren emphasized that this could lead to market unfairness.
Furthermore, Democrats believe Trump’s crypto moves are undermining the legislative process. For instance, the passage of the stablecoin legislation GENIUS Act is at risk due to the President’s family’s crypto connections. Senate Democratic Leader Chuck Schumer is calling on party members to withhold support for this bill.
Trump Family’s Crypto Revenues
The Trump Organization and its affiliates hold 80% of the $TRUMP token. According to Chainalysis, token trading generated $900,000 in transaction fees in just two days. World Liberty Financial raised $550 million, with 75% of its revenue going to the Trump family. This has led to “pay to play” criticisms. Democrats claim this revenue model carries corruption risks.
White House Response
In response to the criticisms, the White House stated that Trump’s assets are managed by a trust run by his children. Spokesperson Anna Kelly defended that there is no conflict of interest. However, Democrats find this explanation insufficient. In the House Financial Services Committee, Maxine Waters held a session focused on Trump’s crypto projects. Waters claimed that Trump’s goal of making the US the “crypto capital” serves personal interests.
As the President’s crypto empire grows, the Democrats’ reaction is intensifying. Investigations and legislative obstacles could complicate Trump’s crypto plans. The future of the cryptocurrency market appears to depend on the outcome of this political tug-of-war.
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