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4d ago

House Democrats Intensify Scrutiny of Trump Family Crypto Ventures

Congressional leaders request Treasury reports on potential conflicts of interest and foreign influence as stablecoin legislation remains delayed.

U.S. Capitol Building (Jesse Hamilton/CoinDesk)
Congress is busy debating stablecoins and other crypto assets.
U.S. Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) (Shutterstock/CoinDesk)
Representative French Hill at Consensus

Overview

  • House Democrats have formally requested Suspicious Activity Reports (SARs) from the Treasury related to Trump family crypto ventures, citing concerns over bribery, securities violations, and foreign influence risks.
  • The Trump-backed USD1 stablecoin was recently used in a $2 billion deal between Abu Dhabi's MGX fund and Binance, raising ethical and national security concerns among lawmakers.
  • Trump's personal crypto projects, including the TRUMP memecoin and $MELANIA coin, have complicated bipartisan efforts to advance stablecoin regulation in Congress.
  • The GENIUS Act, a GOP-led stablecoin bill, has stalled in the Senate after Democrats withdrew support, citing weak regulatory provisions and Trump family entanglements.
  • White House officials remain optimistic about passing stablecoin and broader crypto legislation by August, despite ongoing investigations and legislative gridlock.