Press Releases
NEW: Trump Family Business Admits That Congressional Republicans’ Crypto Bills Would Boost Their Bottom Line
WASHINGTON, DC – President Donald Trump and his family are owning up to the fact that they would financially benefit from cryptocurrency regulation moving through Congress. In a new Securities and Exchange Commission filing, (1) Trump Media and Technology Group acknowledged that “if bitcoin is determined to constitute a security,” it could “adversely affect the market price of bitcoin and in turn adversely affect the market price of our listed securities.” At the same time, Trump’s allies in Congress are advancing legislation, such as the CLARITY Act, which would have the same effect by making the CFTC the main market regulator for most crypto instead of the SEC – a move which Trump’s federal filings admit would directly benefit his own businesses. The GENIUS Act and the STABLE Act would also allow issuers to act like banks without the same oversight and protections – putting consumers at great risk when stablecoins, such as the one recently by Donald Trump’s World Liberty Financial crypto venture, are put into circulation.
Since taking office, Donald Trump has shamelessly used crypto pay-to-play schemes to line his own pockets, while selling presidential access and influence to the highest bidder. Now, Trump and his family are openly admitting that they stand to financially benefit from crypto legislation being advanced by his buddies in Congress. Congressional Republicans’ crypto legislation is yet another abuse of power to help Donald Trump profit off the presidency, while regular Americans struggle to make ends meet.”
Accountable.US Executive Director Tony Carrk
Trump has repeatedly used shady and unregulated crypto deals to pad his own pockets. Trump’s SEC recently announced it had voluntarily dismissed its lawsuit against Binance, the world’s largest crypto exchange, for allegedly misleading investors about trading controls, among other accusations. The announcement came just weeks after Binance was involved in a $2 billion business deal using Trump’s cryptocurrency coins – potentially generating “tens of millions of dollars a year in revenue for the Trump family and its partners at World Liberty.” Last month, Trump held an openly corrupt gala for top holders of Trump’s cryptocurrency meme coin $TRUMP, in which 80% of the Top 25 winners appeared to be either foreign or regulation dodgers.
Today, the House Agriculture and Financial Services Committees are slated to markup the CLARITY Act, which would do nothing to prevent Trump and members of Congress from enriching themselves via cryptocurrency and other digital assets. Democrats in Congress, however, have introduced bills to put an end to the President’s crypto grift, including the End Crypto Corruption Act, introduced by Sen. Merkley and Leader Schumer, the Stop TRUMP in Crypto Act, introduced by House Financial Services Ranking Member Maxine Waters, and the Sen. Murphy and Rep. Sam Liccardo bill, the Modern Emoluments and Malfeasance Enforcement (MEME) Act.
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