President Donald Trump’s personal commitment to crypto has inspired a powerful democratic reaction in the Senate, including a new bill from Senator Chris Murphy to ban presidents and their families from dabbing in Memecoins or issuing other financial assets.
When the Connecticut legislator introduced modern remuneration and malfeasance -enforcement (MEME) act overnight, colleague -Democrat Elizabeth Warren was fresh from a Senate flooring on Monday night, outlining what would cause the senators from her party to return to the stablecoin table. In just a few short days, the Democrats have mounted a resistance to the American digital assets industry momentum in Washington.
Murphy’s efforts – matched in the House of Representatives with a bill from representative Sam Liccardo, a California Democrat – is aimed at the President’s $ Trump Memecoin and the controversial ways he and his family appear to take advantage of its launch just before his inauguration. The senator claimed that there is no way to know who is buying the coin and enriching Trump. Last week, Eric Trump announced, one of the president’s children, that an Abu Dhabi-based investment company would use Trump-supported the world’s Liberty Financial StableCOin to help close a $ 2 billion investment in Global Crypto Exchange Binance.
“Trump Meme Coin is the most corrupt act ever committed by a president,” Murphy said in a statement on Tuesday. “Donald Trump essentially emits his friend of any billionaire CEO or foreign oligarch to pay some favors by secretly sending him millions of dollars.”
His legislation has a wider range than just the president and his Memecoin, who seek to ban President, Vice President, Members of Congress, High -ranking Administrative Officers and any of their families from issuing, sponsoring or approving any financial asset – including securities, futures, raw materials and digital assets. The Democrat’s bill is unlikely to go everywhere under a Republican majority, but it represents a clear party response to Trump’s activities.
White House spokes did not immediately respond to a request for comment.
Elsewhere in the Senate, Massachusetts -Democrat Warren – a long -time critic of the crypto industry – ran through the list of changes that can be made to stablecoin legislation to make it more tasty for Democrats. On the Senate floor, she said that the stableecoin bills, which had hitherto gone through the Senate and house selection with bipartisan support, should include several checks on money laundering and other illegal use, a ban on large tech companies as issuers and restrictions on government officials who emit stigecoins to “relieve their own pockets.”
The Trump family is heavily involved in the World Liberty Financial, a company that has issued its own stablecoin.
“We can’t bless Trump’s corruption,” Warren said, but she claimed stablecoin rules can move on with some consumer-friendly compromises.
Following the guidance and establishment of the National Innovation for American StableCeCin (Geni), the Senate’s banking committee, which Warren is the ranked Democrat, many of her colleagues went into the development of Trump’s Crypto business, including a dinner that the president planned to host the top Memecoin holders and the foreign use of WLFIS StableCoins. Nine Democrats opposed a statement that said they could not support the existing stableecoin bill under these conditions.
Read more: Dems Stall StableCOin Bill, at risk, more important crypto regulation on regulation
