Trump Agenda Crypto threatened his research of personal profits

President Donald Trump It stands in its way when it comes to the passage of cryptic legislation.

Lawmakers this week rejected Genius – The bill is intended to establish federal rules for stableCOINS – partially worrying that the personal cryptocurrency of President Trump created an unprecedented conflict of interest.

“Currently, people who want to cultivate an impact with the president can enrich personal buying a cryptocurrency it owns or controls” Sen. Jeff MerkleyD-ORE., Said in a CNBC statement, explaining the opposition of the bill. “This is a deeply corrupt scheme. This threatens our national security and reduce public confidence in the government.”

StableCoins are digital currencies related to the value of other property, such as US dollars.

Getting something in Congress is a steeply hill border for republicans give their peak mechano in the house, the demand of evidence in the Senate and Democrats and Democrats, and the Democrats are the share of President Trump’s agenda. But there seemed to be enough democrats on board with the Law on Stablecoin to bring himself in a rare bipartisan victory for the president.

That’s until $ until $ arrived on the road.

Is the president meme coinHe launched just before the inauguration in January, he added billions of dollars in the paper during his cash registers. Its value has increased last month after the project expelled promotion The $ Trump has dinner with the president and “VIP white house”. Sen. Richard BlumenthalD-Conn., He called him “Pay-Play-Play Scheme”. First lady Melania Trump There is also a coin.

Genius Bill failed to progress in the Senate on Thursday. It takes 60 votes to move to the Senatian floor for the final passage. Final Tally was 48 in favor and 49 against. Three senators did not vote.

Earlier of the week, Senate Democrats revealed “End CRIPTO CORRUPT Corruption Law”, “covered with Merklei and minority leadership Chuck Schumber New Yorka was to ban the elected officials and staff of higher executive subsidiaries and their families to issue or adopt digital means.

But the key deflating of legislation in Stablekoin came last weekend, when the group is nine Senate Democrats – Four had previously voted for account in the Board – He said it would not support and call for stronger provisions to address “laundering money laundering, foreign publishers and national security.”

The reports indicated that Abu Dhabi MGKS Use Trump SteamCoin for investing $ 2 billion in crypto exchange stage, creating another potential conflict of interest in the seated president.

For some investors and entrepreneurs in the crypt’s industry, the president’s pursuit of personal profits creates a major obstacle to the long-awaited improvements. After years of return during the Baiden administration, the crypto lobby has become powerful force In financing the Trump campaign from 2024. years and in successful-making substrates adapted to candidates for Congress.

“It is unhappy that personal business becomes 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 good policy.”

White house did not answer the comment request. At the press conference on Friday on Friday, Friday, the Secretary of Print Karolina Leavitt, on the question of the night with Memen, that “President reserves all the conflict of the Law on Interest”.

“The President is a successful businessman and I think it is one of many reasons that people chose him back into this office,” Leavitt said.

Numerous top democrats including Sen. Elizabeth Warren Massachusetts And Kirsten Gillibrand from New York joined the critics Paradi, aiming for personal pursuit of President Trump. Gillibrand helped to introduce Geniably from earlier this year, but this week said there were “numerous outstanding questions that were supposed to be resolved before the account could pass the full Senate.”

“I believe that is essential for the future of the American economy and everyday Americans to make strict regulations on Stablecoine and consumer protection in which no existence currently,” Gillibrand said in the statement. “I remain extremely confident and I hope we can finish the job very soon.”

Sen. Blumenthal called on a coin investigation, which is related to the financial records from the financial and glistered financial and dunking of the President for “attempting to use the competitions to catch value worth $ trump.”

Sen. Ruben Gallego, D-Arizona, supported the genius act, but he said he could not move forward this week after the Republicans refused to give more time to negotiate negotiations.

“Without more time to at least complete the bill, there was no true bipartisan road forward,” he wrote on X.

Landerpad’s Gilbert said Genius ACT was just the first piece. The wider wider, the conflicts of the President could have an impact on hopes for other legislative achievements and efforts to deregulation, as well as the reputation of the American crypto industry at the World phase.

“We will be the laughter of the world for this concrete reason, and the continuation of investments and innovation will be retained,” Gilbert said. “It was hope in the last six months to keep in the United States and that the investment should preline in the crypt’s company, and then will all companies take up the leading role and to invest water and invest in crypt.”

However, he said, “If the genius act does not pass, we returned to the square.”

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