This has created a perception problem where policy shifts favoring cryptocurrency could be viewed as self-enrichment rather than in the national interest.”If the stablecoin bill, the GENIUS Act, is the first test for how Republicans and Democrats will respond to Trump’s potential conflicts of interest in the crypto industry, there is already a stark contrast between the two parties.House Speaker Mike Johnson largely brushed off concerns about the president and his family’s connections to the industry, saying he was “not an expert in that.” White House deputy press secretary Anna Kelly reportedly said there were “no conflicts of interest” because Trump’s children managed his assets through a trust.
Source: Elizabeth Warren“Democrats are thinking that this is just an official means by which to conduct corruption,” said Rebecca Liao, co-founder and CEO of layer-1 blockchain Saga, in a statement shared with Cointelegraph.“What began as a bipartisan bill with potential widespread support has now transformed into a proxy war between the Democrats and the Trump administration.”Related: Trump’s crypto ties ‘add a certain level of challenge’ to passing bills — Coinbase execSome organizations have planned protests during the memecoin dinner on May 22.
However, anyone with a wallet can still buy TRUMP tokens and potentially influence the president’s policies after the dinner is completed. “The decision to acquire the [TRUMP] token was not political,” Vincent Liu of Kronos Research, who plans on attending the memecoin dinner, told Cointelegraph.“It was based on identifying early momentum, cultural relevance, and potential market catalysts.”In April, Freight Technologies said it would invest $20 million in the TRUMP token, suggesting that it could affect the president’s trade policies between the US and Mexico, where the firm conducts some of its business.
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Author / Journalist: Cointelegraph by Turner Wright
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