Trump’s encryption agenda, which is threatened by his endeavors for personal profits

President Donald Trump He stands in his own way when it comes to passing encryption legislation.

Legislators rejected this week Genius – A draft law aimed at setting federal rules for Stablecoins – Partially due to fears that President Trump’s personal currency projects have created unprecedented conflicts in interests.

“At the present time, people who want to grow influence with the president can personally enrich it by buying a cryptocurrency that he owns or controlled,” late. Jeff MasterlyD-Or said in a statement to CNBC explaining his opposition to the draft law. “This is a deep, corrupt scheme. It exposes our national security and leads to the erosion of the public’s confidence in the government.”

Stablecoins are digital currencies associated with the value of other assets, such as the US dollar.

Getting anything in Congress is a very desperate battle for Republicans, given their high majority in the House of Representatives, the requirements of defect resistance in the Senate, and the increasingly united Democratic position against President Trump’s agenda. But it seemed that a few Democrats on board with the Stablecoin Law to achieve a rare victory from the two parties of the president.

This is even $ Trump on the way.

President The same angleAnd, which he fired immediately before the opening in January, added billions of dollars from paper to his treasures. Its value increased last month after operating the project promotion Trump holders offer the highest dollar with the president and the “White House tour of the VIP”. Senator Richard BlumenantD-surn. , It was called “Payment Scheme for Play”. First Lady Melania Trump It has a coin as well.

Bill Al -Aqrya failed to advance in the Senate on Thursday. He needed 60 votes to move to the Senate Hall for the final corridor. The final number was 48 in favor and 49 against. Three members of the Senate did not vote.

Earlier in the week, Democrats in the Senate revealed the “Corruption Law at the end of encryption”, led by Mercli and the leader of the minority Chuck Shomer From New York, which aims to ban elected officials and senior executives and their families from issuing or supporting digital assets.

But the main splits of Stablecoin’s legislation came at the end of last week, when a group of nine Democrats in the Senate – Four of them have previously voted in favor of the bill in the committee They said that they would not support her and called for stronger provisions to address “fighting money, foreign exporters, and national security.”

Reports indicated this MGX, based in Abu Dhabi Stablecoin is used from Trump for a $ 2 billion in investment in Binance Crypto Exchange, which creates another potential conflict in the interests of the head of sitting.

For some investors and businessmen in the encryption industry, the president’s pursuit of personal profits creates a great obstacle to the long -awaited progress. After years of setbacks during the Biden Administration, the encryption hall became Power In financing the Trump campaign for the year 2024, and in supporting the two -friendly candidates for the Congress.

“It is unfortunate that personal works hinder good policy,” said Ryan Gilbert, founder of Finture Fund Fund Fund. “I hope that everyone will go out in the administration, including the president, from good policy.”

The White House did not respond to a request for comment. At a press conference on Friday, White House press secretary Caroline Levitte, when asked about Mim Quinn dinner, said that “the president is committed to all laws of conflict of interest.”

“The president is a successful businessman, and I think he is one of the many reasons that people have returned to return to this office,” Levitt said.

A number of senior Democrats, including Senator Elizabeth Warren from Massachusetts Kirsten Gilbrand from New York joined the procession of critics, targeting President Trump’s personal efforts. Gillibrand Help The genius law was earlier this year, but she said this week that there are “a number of outstanding issues that must be addressed before the bill could pass the full Senate.”

“I think it is necessary for the future of the American economy and the ordinary Americans to enact strict Stablecoin regulations and consumer protection as there is not now,” Gilbrand said in a statement. “I am still very confident and I hope we will finish the job soon.”

Senator Blumentel called for investigating the metal coins associated with Trump, calling for financial records from the world financial freedom and extracting the president “to try to use the White House to host the competitions to support the value of $ Trump.”

Senator Robin Galligo, De Arizona, supported the Genius law but said he could not go ahead this week after Republicans refused to save more time to negotiate.

“Without more time to end the bill, there was no real path from the two parties forward,” he wrote on X.

Genius is just a first piece. On a wider scale, the president’s conflicts can have an impact on the hopes of other legislative achievements and the efforts to cancel standard restrictions as well as the reputation of the American encryption industry on the world stage.

“We will be the laughing stocks in the world for this particular reason, and it will hinder continuous investment and innovation,” Gilbert said. “There has been hope for during the past six months to live in the United States, and that investment should flow to encryption companies, and then it will be simpler and executed again, for all companies to lead the initiative and investment in encryption assets.”

However, he said: “If the verb does not pass, then we go back to the first square.”

He watches: The ether increases approximately 25 % for its best week in four years: CNBC Crypto World