The crypto sector is eagerly anticipating an executive order from President Donald Trump that could pivot the federal approach towards digital assets. Critics highlight that this move may unjustly benefit Trump’s own business ventures, raising ethical questions among Democratic leaders.
Key Points:
- Two top Democrats flagged potential conflicts of interest related to Trump’s financial dealings in the crypto sphere.
- Republican responses to these concerns are deemed unlikely due to party affiliations.
As the cryptocurrency landscape awaits President Trump’s executive directives, concerns about the implications for his family business arise. This order could enhance the value of ventures such as World Liberty Financial and a new cryptocurrency launched shortly before his presidency.
Gerry Connolly, the leading Democrat on the House Oversight Committee, has formally requested a review into Trump’s business ties via a letter addressed to the committee chairman.
“This committee must take immediate action to investigate the grave conflicts of interest Donald Trump carries with him to the Office of the President,” Connolly wrote. Translation: “This committee must take immediate action to investigate the serious conflicts of interest that Donald Trump brings to the presidency.”
Meanwhile, Maxine Waters, another key Democratic figure, has expressed her apprehension regarding the implications of Trump’s new meme coin:
“Through his meme coin, Trump has created a way to circumvent national security and anti-corruption laws…” Translation: “Through his meme coin, Trump has devised a method to bypass national security and anti-corruption regulations…”
Despite Trump’s previous promises of swift action concerning cryptocurrencies, his administration’s recent activities have yet to manifest significant effects on the crypto sector. The most noteworthy initiative so far has been the establishment of a crypto task force led by SEC’s acting chair, Mark Uyeda.
Read more: SEC Forms New Crypto Task Force Spearheaded by Hester Peirce
