US Senate crypto bills stall amid Trump ties and ethics concerns

Quick Summary:

The senators said the transaction amounts to a potential backdoor for foreign influence and self-enrichment, with Trump’s allies allegedly set to receive hundreds of millions of dollars:“This deal raises the troubling prospect that the Trump and Witkoff families could expand the use of their stablecoin as an avenue to profit from foreign corruption.”Further raising ethics concerns, Trump hosted a $1.5 million-per-plate dinner on May 5 at his golf club in Sterling, Virginia.

In a May 5 letter to the US Office of Government Ethics, Senators Elizabeth Warren and Jeff Merkley said that Trump and his family stand to personally profit from an investment involving UAE state-backed firm MGX, crypto exchange Binance and World Liberty Financial (WLFI).

Source: Elizabeth WarrenRelated: America’s crypto renaissance is already failing; but we can fix itGENIUS Act faces roadblocksTrump family’s controversial $2 billion crypto deal comes as the Senate prepares to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and other crypto-related bills.

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Article Details

Author / Journalist: Cointelegraph by Amin Haqshanas

Category: Crypto

Markets: United States

Topics: Trump Assets Digital Stablecoin Billion Ethics Deal Senate Crypto Trump’s Legislation

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-06 @ 09:23:39 (15 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 501 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28434049

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About Coin Telegraph

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 30 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

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Publication Timezone: GMT -5:00

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News Language: English

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Publisher ID: #11

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