{"id":23727,"date":"2025-05-07T11:23:08","date_gmt":"2025-05-07T08:23:08","guid":{"rendered":"https:\/\/forklog.com\/en\/trumps-crypto-ventures-under-scrutiny-for-conflict-of-interest\/"},"modified":"2025-05-07T11:23:08","modified_gmt":"2025-05-07T08:23:08","slug":"trumps-crypto-ventures-under-scrutiny-for-conflict-of-interest","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/trumps-crypto-ventures-under-scrutiny-for-conflict-of-interest\/","title":{"rendered":"Trump&#8217;s Crypto Ventures Under Scrutiny for Conflict of Interest"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Democrats have accused Republicans of systematically ignoring Donald Trump&#8217;s conflict of interest related to his ties in the crypto sphere.<\/li>\n<li>Senator Chris Murphy proposed a bill prohibiting federal officials from promoting meme coins for personal gain.<\/li>\n<li>Senator Richard Blumenthal initiated an investigation into Trump&#8217;s crypto connections, demanding disclosure of financial flows and ownership structure.<\/li>\n<\/ul>\n<\/div>\n<p>Democrats walked out of joint hearings on digital assets in the US Congress, accusing Republicans of ignoring Donald Trump&#8217;s conflict of interest.<\/p>\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/mlaiXfVNEPc?si=e64d0tCHN6_txPEC\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>The reason was the president&#8217;s connections to the crypto industry, including the issuance of <a href=\"https:\/\/forklog.com\/en\/news\/what-to-know-about-donald-trumps-memecoin-surge-supply-and-industry-impact\">the TRUMP meme coin<\/a> and lobbying projects through his family.<\/p>\n<h2 class=\"wp-block-heading\">Democrats vs. Republicans<\/h2>\n<p>Maxine Waters, Deputy Chair of the House Financial Services Committee, stated that Republicans are &#8220;legitimizing corruption&#8221; by refusing to discuss Trump&#8217;s influence on regulation.<\/p>\n<p>In response, Republicans, using a procedural loophole, converted the hearing into a roundtable. Brian Steil, Chair of the Digital Assets Subcommittee, stated that the discussion would continue without the Democrats.<\/p>\n<p>Republican French Hill urged colleagues to focus on creating a regulatory framework for the crypto market but did not address the allegations about Trump&#8217;s industry ties. He claimed that Democrats &#8220;politicized&#8221; the process.<\/p>\n<p>Earlier, Democrats <a href=\"https:\/\/www.gallego.senate.gov\/press-releases\/gallego-colleagues-issue-statement-on-genius-act\/\">stated<\/a> they would not support the stablecoin bill (<a href=\"https:\/\/forklog.com\/en\/news\/david-sacks-prioritizes-bitcoin-reserve-assessment\">GENIUS Act<\/a>) unless it included strict anti-money laundering rules and restrictions for foreign issuers.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Trump launched his own <\/em><em>stablecoin<\/em><em> \u2014 this is unacceptable. We have been working on regulation for three years, and now we are being rushed, ignoring key risks,&#8221; Waters emphasized.<\/em><\/p>\n<\/blockquote>\n<p>This refers to the stablecoin <a href=\"https:\/\/forklog.com\/en\/news\/world-liberty-financial-to-conduct-usd1-stablecoin-airdrop\">USD1<\/a>, launched by the DeFi project <a href=\"https:\/\/forklog.com\/en\/news\/trump-family-secures-control-over-world-liberty-financial\">Trump&#8217;s family<\/a> World Liberty Financial (WLF).<\/p>\n<h2 class=\"wp-block-heading\">MEME Act<\/h2>\n<p>Meanwhile, Democratic Senator Chris Murphy proposed a law prohibiting US federal officials, including Trump, from promoting meme coins for personal gain. The document, called the <a href=\"https:\/\/www.murphy.senate.gov\/imo\/media\/doc\/meme_act_text.pdf\">MEME Act<\/a>, aims to prevent the use of official positions for enrichment through digital assets or securities.<\/p>\n<p>The trigger was TRUMP, launched before Trump&#8217;s inauguration on the Solana blockchain. Murphy called the token &#8220;an example of corruption&#8221;:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Trump has turned the crypto market into a personal Venmo account, where foreign oligarchs transfer millions for political services.&#8221;<\/em><\/p>\n<\/blockquote>\n<p>Congressman Sam Liccardo (Democrat from California) supported the MEME Act:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Republicans remain silent while Trump turns the White House into a tool for personal enrichment.&#8221;<\/em><\/p>\n<\/blockquote>\n<p>In a comment for <a href=\"https:\/\/decrypt.co\/318085\/most-corrupt-act-sen-chris-murphy-moves-to-ban-trump-shilling-meme-coin\">Decrypt<\/a>, financial policy expert Amanda Fisher stated that cryptocurrencies are often used for fraud. Officials should not be allowed to profit from them, she emphasized.<\/p>\n<h2 class=\"wp-block-heading\">Investigation into Trump&#8217;s Crypto Ties<\/h2>\n<p>Democratic Senator Richard Blumenthal <a href=\"https:\/\/www.hsgac.senate.gov\/wp-content\/uploads\/2025-05-06-Letter-from-Sen.-Richard-Blumenthal-to-Fight-Fight-Fight.pdf\">sent<\/a> requests to World Liberty Financial (WLF) and Fight Fight Fight LLC, asking for details of Trump&#8217;s involvement in the projects. The politician announced that the Senate Investigations Committee is launching an inquiry into potential conflicts of interest and legal violations.<\/p>\n<p>In a letter to Fight Fight Fight LLC, which issued TRUMP, Blumenthal pointed to sharp price fluctuations of the token and suggested that a select few profited from its launch. He also criticized <a href=\"https:\/\/forklog.com\/en\/news\/trump-hosts-gala-dinner-for-top-trump-meme-coin-holders\">a dinner with Trump<\/a>, arguing that the event was initiated to boost token sales after interest waned.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Trump&#8217;s ties to the TRUMP token and attempts to use the White House to increase its value are an unprecedented scheme of access to power for money,&#8221; the senator stated.<\/em><\/p>\n<\/blockquote>\n<p>In his address to WLF, Blumenthal claimed that the Trump family gained &#8220;significant financial benefit&#8221; from the project, and cooperation with foreign investors poses a national security threat.<\/p>\n<p>Companies must provide documents on ownership structure, financial flows, and measures to prevent conflicts of interest by July 27.<\/p>\n<p>In April, the Senate <a href=\"https:\/\/forklog.com\/en\/news\/trumps-dinner-for-trump-token-holders-sparks-impeachment-calls\">called<\/a> Trump&#8217;s gala dinner for TRUMP holders &#8220;surpassing all previous grounds for impeachment.&#8221;<\/p>\n<p>Later, Trump <a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-denies-profiting-from-trump-coin-in-nbc-interview\">stated<\/a> that he does not profit from the meme coin and &#8220;does not follow it.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Democrats have accused Republicans of systematically ignoring Donald Trump&#8217;s conflict of interest related to his ties in the crypto sphere. Senator Chris Murphy proposed a bill prohibiting federal officials from promoting meme coins for personal gain. Senator Richard Blumenthal initiated an investigation into Trump&#8217;s crypto connections, demanding disclosure of financial flows and ownership structure. Democrats [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,991,1150,842,26],"class_list":["post-23727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-donald-trump","tag-news-plus","tag-politics","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"146","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=23727"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23727\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/23726"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=23727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=23727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=23727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}