Sun May 11 09:20:00 UTC 2025: ## Trump’s Crypto Ventures Sink Bipartisan Stablecoin Bill
**Washington D.C.** – President Trump’s personal cryptocurrency investments have derailed a bipartisan effort to regulate stablecoins, leaving the crypto industry in limbo and drawing sharp criticism from Democrats. The GENIUS Act, designed to establish federal rules for stablecoins, failed to garner enough Senate votes on Thursday, falling short by one vote.
The bill’s demise is largely attributed to concerns over President Trump’s involvement in various crypto ventures, including the $TRUMP meme coin, which has allegedly enriched him through promotional schemes. Critics, including Senators Jeff Merkley (D-Ore.) and Richard Blumenthal (D-Conn.), have condemned this as a “profoundly corrupt scheme” and a “pay-for-play” system, arguing that it creates an unacceptable conflict of interest. The president’s family is also implicated, with First Lady Melania Trump possessing her own coin and the Trump family’s World Liberty Financial launching a stablecoin amidst the administration’s push for looser regulations. Reports also suggest a potential conflict of interest involving the Trump stablecoin and a $2 billion investment in Binance.
Initially, the bill enjoyed bipartisan support, but key defections emerged among Senate Democrats following revelations about the president’s crypto activities. These senators cited concerns about the president’s self-dealing and the potential for money laundering and national security risks. Senator Lisa Blunt Rochester (D-Del.) directly linked her opposition to the Trump family’s financial entanglements.
The White House, while stating that the president is complying with all conflict-of-interest laws, offered little clarification. White House Press Secretary Karoline Leavitt defended the president’s business dealings, stating that his success as a businessman was a factor in his re-election.
While some Democrats, like Senators Gillibrand and Warren, expressed hope for future progress on stablecoin regulation, the bill’s failure represents a major setback for the crypto industry. Ryan Gilbert, founder of Launchpad Capital, lamented that the president’s personal interests are hindering progress on crucial legislation, potentially harming the U.S.’s reputation and future investment in the sector. The failure leaves the U.S. “back to square one,” Gilbert said, potentially undermining efforts to establish a leading role for the United States in the global cryptocurrency market. Senator Ruben Gallego (D-Arizona) attributed the failure to Republicans’ unwillingness to allow more time for negotiations. Calls for investigations into the Trump-linked coins are now growing among Democrats.
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