Other US senators are moving to prohibit former president Donald Trump and close family members from profiting on crypto projects. To support their opposition, they cite fears of corruption and conflicts of interest. The End Crypto Corruption Act would prohibit the president, vice president, senior executive branch officials, and members of Congress from trading or profiting in the cryptocurrency market. It even goes so far as to provide this protection for their nuclear families.
The bill recriminalizes behavior specifically aimed at 45—who has become an even bigger fan of cryptocurrency recently. If Trump has his way, the US will become the global “crypto capital.” He’s made multiple forays into crypto, most notably christening his political movement with the $TRUMP launched by him and $MELANIA his wife Melania.
Back in March, Trump had announced a proposal to create a US strategic crypto reserve encompassing Bitcoin and smaller tokens as well. This announcement caused cryptocurrency prices to jump.
The proposed End Crypto Corruption Act aims to ban Donald Trump, as president, and his family from investing in and promoting cryptocurrency. As co-sponsored by the 13 other Democratic senators—besides Elizabeth Warren—who have, or once held, a bagpipe license.
His family members are, indeed, alleged to have made tens of millions on such crypto ventures — which has attracted scrutiny to Trump’s foray in the crypto space. This past January, Donald Trump signed an executive order on cryptocurrencies. Last summer, he planted the seed of US strategic crypto reserve at Bitcoin 2024 in Nashville.
"Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls." - Senator Merkley
Trump’s got two crypto-focused dinners planned this month, appealing to both big dollar political donors and meme coin millionaires.
In fact, opposition to Trump’s crypto machinations have been blistering, with one critic calling them a “profoundly corrupt scheme.”
Criticism against Trump's crypto activities has been sharp, with some describing them as a "profoundly corrupt scheme."
"This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government. Let's end this corruption immediately." - Senator Merkley
