The personal participation of President Donald Trump in Crypto has inspired a vigorous democratic response in the Senate, including a new bill of Senator Chris Murphy to prohibit presidents and their families to venture into Memecoins or issue other financial assets.
While Connecticut’s legislator was presenting the example law of modern emoluments and malfauseza (meme) control during the night, Democratic companion Elizabeth Warren was a newborn of a speech on the floor of the Senate on Monday night in which she described what would make the senators of her party return to the table in the legislation of Stablecoin sequences. In just a few days, the Democrats have mounted a resistance to Washington’s impulse of the United States digital asset industry.
Murphy’s effort, matched in the House of Representatives for a bill of the representative Sam Liccardo, a Democrat of California, is pointing to the memecoin $ Trump of the president and the controversial forms in which he and his family seem to benefit financially from its launch just before its inauguration. The senator argued that there is no way to know who is buying the currency and enriching Trump. Last week, Eric Trump, one of the president’s children, announced that an investment firm based in ABU Dhabi would use Stablecoin World Liberty Financial backed by Trump to help him close an investment of $ 2 billion in Crypto Exchange Binance Global Binance.
“Trump Meme’s coin is the most corrupt act ever committed by a president,” Murphy said in a statement on Tuesday. “Donald Trump is essentially publishing his avemo for any multimillionaire CEO or foreign oligarch to collect some favors sending him in secret millions of dollars.”
Its legislation has a broader range than only the president and his memecoin, which seeks to prohibit the president, the vice president, members of Congress, senior administration officials and any of their families to issue, sponsor or support any financial asset, including values, future, products and digital assets. It is unlikely that the Democrat’s bill goes to any part of the Republican majority, but represents a clear response of the party to Trump’s activities.
The White House spokesmen did not immediately respond to a request for comments.
In another part of the Senate, the Massachusetts Democrat Warren, a critic of the cryptographic industry for a long time, crossed the list of changes that can be made to the stable legislation to make it tastier for the Democrats. On the floor of the Senate, he said that the Stablecoins law projects that until now had been advancing through the Senate Committees and the House of Representatives with bipartisan support, should include more controls on money laundering and other illicit uses, a prohibition of large technological firms such as emitters and limits of government officials that emit stablcoradors to “align their own bowling”.
The Trump family is very involved in World Liberty Financial, a company that has issued its own Stablecoin.
“We cannot bless Trump’s corruption,” Warren said, but she said that Stablecoin’s regulations can advance with some consumer friendly commitments.
After the National Innovation Law for National Innovation for the United States (Genius) easily clarified the Senate Banking Committee in which Warren is the Classification Democrat, many of his colleagues resisted the developments in the Trump cryptographic business, including a dinner that the president planned to organize for the main headlines of memecoros and the foreign use of WLFI stamps. Nine Democrats opposed a statement that said they could not support the existing Stablecoin bill under these conditions.
Read more: Dems Stall Stablecoin Bill, endangering the most important cryptographic regulation bill
