Exclusive: Democrats target Trump family's crypto empire

[BumRushDaShow]

Source: Axios

Updated 11 hours ago


Senate Democrats are unveiling a sweeping new proposal to ban presidents, lawmakers and their families from issuing, endorsing or sponsoring crypto assets, Axios has learned.

Why it matters: Concerns over the Trump family's crypto ventures is threatening the passage of the bipartisan GENIUS Act, the Senate's first-ever stablecoin regulation.

Sens. Jeff Merkley (D-Ore.) and Elizabeth Warren (D-Mass.) said in a private meeting last week, first reported by Axios, that the GENIUS Act lacks basic guardrails against corruption.

Driving the news: Merkley will introduce the End Crypto Corruption Act on Tuesday, which would ban the president, vice president, members of Congress and their immediate families from issuing digital assets, such as meme coins and stablecoins.

Senate Minority Leader Chuck Schumer (D-N.Y.) and Sen. Kirsten Gillibrand (D-N.Y.) are co-sponsoring the new Merkley legislation.

Between the lines: Senate Democrats abruptly stepped away from supporting the GENIUS Act after an internal spat — first reported by Axios — over whether the party should back its passage without any changes.

Progressive Democrats raised concerns after the New York Times reported that President Trump's family members could profit from the $2 billion worth of their stablecoins that would be used for a foreign transaction involving an Abu Dhabi investment fund.

A report from blockchain analytics firm Chainalysis on Monday showed that the issuers of Trump's meme coin, Official Trump, had earned $320 million from trading fees so far.

Read more: https://www.axios.com/2025/05/06/trump-coin-democrats-crypto-stablecoin