📰 Trump’s Crypto Ties Still Toxic With Some Dems, Including One Seen as Industry Ally

🔍 Overview

Former President Donald Trump continues to stir controversy in the crypto space—his personal financial stakes and industry involvement have sparked a new wave of Democratic backlash, even from lawmakers who typically support digital assets.

🏛️ Core Developments

• Senator Adam Schiff, known as a crypto-friendly Democrat, has introduced the COIN Act, which would bar top officials (including the President and Vice President) from issuing, sponsoring, or endorsing digital assets—extending two years post-office. Schiff emphasized Trump’s crypto ventures “raise significant ethical, legal and constitutional concerns.”
• This bill joins at least four others from Democrats aiming to restrict senior government officials’ involvement in crypto business to avoid conflicts of interest.

⚖️ Ethical and Political Flashpoints

• Critics have been sounding alarms over Trump’s multi-pronged crypto initiatives, which include:
  • The $TRUMP memecoin launched on Solana, with early token sales netting over $350 million—and a large presidency-backed dinner event in May personally attending for top memecoin backers.
  • World Liberty Financial, a stablecoin venture tied to Trump, with the President reportedly netting tens of millions in sales.
• Scholars, former prosecutors, and lawmakers have labeled these ventures “the Mount Everest of American corruption,” warning Trump has used his office to enrich himself and allies.

🌐 Legislative Context

• The COIN Act emerges following the Senate’s passage of the GENIUS Act (a federal stablecoin bill) earlier this month. While bipartisan, the GENIUS Act faced criticism from Democrats like Elizabeth Warren and Jeff Merkley for failing to address presidential conflicts directly—and was briefly stalled over Trump’s crypto ties.
• See below for more context on stablecoin rules and their link to this fight.

🎙️ Key Voices

• Sen. Adam Schiff: “President Trump’s cryptocurrency dealings have raised significant ethical… concerns over his use of the office… to enrich himself and his family.”
• Elissa Warren warned that the GENIUS Act would make “Trump the regulator of his own financial company—and his competitors too.”
• Jeff Merkley described Trump’s memecoin activities as “the Mount Everest of corruption.”

🔮 Implications Ahead

1. Corporate legitimacy vs ethical red flags
   Democratic bills like COIN signal increased scrutiny on Trump’s crypto interests and heightened concern over mixing policy power with personal digital wealth.
2. Battle for crypto regulation
   As broader crypto reform bills advance in the Senate and move to the House, Trump’s self-dealing could become a key flashpoint derailing bipartisan consensus on digital asset oversight.
3. Future political dynamics
   With the White House potential signaling a pro-crypto pivot under Trump, regulators and lawmakers are gearing up for a renewed shift toward deregulation during his next term.

🗓️ What to Monitor

Takeaway:
Even crypto-aligned Democrats like Schiff are raising alarms over Trump’s crypto empire—his memecoin and stablecoin dealings deploy presidential power for potential financial gain. With proposals like the COIN Act, congressional scrutiny is intensifying, threatening to stall broader crypto regulation and shining a spotlight on ethical boundaries in digital asset policy.