Overview

• The Senate Permanent Subcommittee on Investigations has opened a preliminary inquiry into President Trump's cryptocurrency ventures, including the $TRUMP coin and World Liberty Financial.
• Democratic senators Jeff Merkley and Chuck Schumer introduced the End Crypto Corruption Act to ban presidents, lawmakers, and their families from profiting from cryptocurrency ventures while in office.
• Over 76% of the $TRUMP coin's top wallets are reportedly controlled by foreign entities, raising concerns about influence and national security risks.
• An Abu Dhabi-backed fund announced a $2 billion deal using the Trump family's stablecoin, further fueling accusations of conflicts of interest and potential emoluments violations.
• Support for the GENIUS Act, a bipartisan stablecoin regulatory bill, is faltering as Trump's crypto dealings intensify scrutiny and erode trust among lawmakers.