US Senate Crypto Bill Stalled Due to Trump Ties and Ethical Concerns

Senators Elizabeth Warren and Jeff Merkley stated in a letter to the U.S. Office of Government Ethics on May 5 that Trump and his family would personally profit from investments involving UAE government-backed company MGX, cryptocurrency exchange Binance, and World Liberty Finance (WLFI), as efforts to pass cryptocurrency legislation in the U.S. Senate face increasing resistance. The senators indicated that this deal potentially opens a backdoor for foreign influence and personal gain, with Trump's allies allegedly set to receive hundreds of millions of dollars: "This deal raises a troubling prospect: the Trump and Vitek family may expand the use of their stablecoin as a means to profit from foreign corruption."