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Elon Musk, Sam Altman, and Vitalik Buterin to Have Lunch with Trump and Saudi Crown Prince

A group of 20 Democratic legislators has introduced a bill that will prevent high-ranking US government officers from founding or supporting cryptocurrencies. The proposal, titled the End Crypto Corruption Act of 2025, will focus on the rising fear of President Donald Trump’s link with a personal digital currency project. Upon its introduction on May 7, the bill attempts to exclude the President, Vice President, members of Congress, Senate-confirmed officials, and other federal staff members from promoting or endorsing digital currencies. The restrictions also apply to the spouses and children dependent on these officials. Additionally, the restrictions would apply during their term in office and for one year afterward. Although the legislation does not require traditional crypto trading and sales to shut down, it imposes harsh penalties on individuals involved in promotional violations. Those violating the promotion-related laws may face financial penalties or a court proceeding that significantly changes how the government handles conflicts of interest in digital finance. The bill comes in the wake of increased interest in the activities of the Trump family in cryptocurrency. Lawmakers have argued that the $TRUMP and $MELANIA tokens were launched not long before the inauguration because they allow for pay-to-play practices and raise national security concerns. One of the notable issues was a recent invitation by Trump to top holders of the $TRUMP coin to a private White House dinner. Democratic senators argue that the invitation may erode confidence in the government. Senator Jon Ossoff referred to the incident as “gobsmacking,” claiming personal benefit from tokens in office is not acceptable. Senator Cynthia Lummis, a prominent Republican crypto advocate, also expressed concern. She said Trump’s use of cryptocurrency for direct access to presidential events gave her “pause,” signaling bipartisan discomfort. Trump’s role as the “Chief Crypto Advocate” at World Liberty Financial (WLFI), a decentralized finance platform his sons co-owned, is under legal review. Recently, WLFI played a critical role in a $2 billion swap between Binance and an Abu Dhabi entity through their WLD1 stablecoin. In response to the deal, the Senate Democrats called for detailed answers to be provided by Treasury Secretary Scott Bessent and Attorney General Pam Bondi. This proposal is being made against stalled progress in cryptocurrency regulations. Last week, the GENIUS Act proposed to define a consistent approach to the rule regarding stablecoins failed as the Democrats withdrew their support. Critics cited the inadequacy of the bill in containing anti-money laundering provisions and inadequate enforcement mechanisms against foreign stablecoin issuers. Tensions escalated to a new high when Maxine Waters, other Democrats, and Republicans left a bipartisan roundtable meeting over Republicans’ failure to act on Trump’s cryptocurrency -related conflicts of interest. The End Crypto Corruption Act is similar to earlier House legislation. Sen. Elissa Slotkin, who co-sponsored the bill, characterized Trump’s actions as more of an immediate threat than the more general regulatory problems and highlighted the necessity of currently acting guardrails. Elon Musk, listed as a special government employee in the Department of Government Efficiency (DOGE), is also part of the bill. Musk clarified that his government position would not involve DOGE the memecoin. However, the fact was still enough to raise speculation about merging his crypto deeds with his government duties. While the legislation sets clear lines for public officials, some things are left ambiguous. It is still unclear whether the restrictions of the bill extend to Trump’s honorary position at WLFI, as his sons essentially control most facets of the operations. In addition, managing the roles of the family members and corporations in such roles may prove to be problematic in practice. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites

Twenty Senate Democrats in the U.S. have put forward a new bill designed to restrict cryptocurrency endorsements and related activities among top government officials and their immediate families. The proposed law, introduced on May 7, aims to address rising scrutiny over potential conflicts of interest at the highest levels of the U.S. government. The bill, officially named the “End Crypto Corruption Act of 2025,” seeks to prohibit a wide range of senior officials from issuing, promoting, or endorsing cryptocurrencies. This list includes the president, vice president, members of Congress, and select executive appointees. These proposed restrictions also extend to their spouses and dependent children, covering their terms in office and an additional year after they depart. The legislation would apply to all promotional activities and sponsorships connected to cryptocurrencies. However, ordinary sales transactions would still be permissible. According to the bill’s current draft, violations could lead to monetary fines or potential jail time. This legislative action follows growing concern among lawmakers about reported profits from memecoin activities linked to President Trump and his wife. Questions also surround Elon Musk, who serves as a special government employee in the Department of Government Efficiency (DOGE). Musk recently clarified that, despite speculation, DOGE has no plans to use the Shiba Inu-themed memecoin. Related: GENIUS Act Blocked After Senate Democrats Object to Security and Optics While the bill aims to restrict endorsements by officials, clarity is still needed on whether President Trump’s role as “chief crypto advocate” for World Liberty Financial would fall under its scope. This firm, reportedly more closely associated with his sons and other senior officials, is linked to promoting digital assets, including WLD1 stablecoins. Related: South Korea Cracks Down on Corruption in Crypto Enforcement Senate Democrats also voiced concerns about a reported $2 billion transaction involving WLD1 between crypto exchange Binance and an Abu Dhabi-based investment firm. These developments have amplified calls for stricter controls on cryptocurrency-related activities by government personnel. The introduction of the crypto endorsement ban occurs amidst wider debates on digital asset policy within the U.S. A separate legislative effort, the “Guiding and Establishing National Innovation for US Stablecoins of 2025 Act” (GENIUS Act), failed to pass a procedural vote in the Senate on May 8. This bill, sponsored by Senator Bill Hagerty and backed by both Republican and Democratic lawmakers, aimed to create a federal framework for stablecoins. Despite bipartisan support and proposed amendments to address anti-money laundering concerns, the stablecoin bill did not secure sufficient backing to advance. Treasury Secretary Scott Bessent, in a comment noted on X.com, described the failed vote as a “missed opportunity” to strengthen U.S. financial leadership in the digital asset space. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Microsoft renegotiates investment agreement with OpenAI, may give up part of equity in exchange for continued access According to the Financial Times, citing sources, Microsoft and its largest investment target OpenAI are renegotiating their investment agreement. Microsoft may give up part of its equity in OpenAI in order to continue to obtain the right to use its AI products and models after some terms of the original agreement expire in 2030. Since 2019, Microsoft has invested more than $13 billion in OpenAI. The negotiations come at a time when OpenAI is undergoing a restructuring, and it plans to transform into a public interest company controlled by a non-profit entity. The plan was previously opposed by co-founders and early investors including Elon Musk. On May 5 of this year, OpenAI announced that it would abandon its transition to a purely profit-making model. The agreement is crucial to OpenAI's governance structure adjustment and its future development. (Cointelegraph)