A group of senators has proposed to ban Trump from profiting from crypto projects

Democratic Senators Move to Ban Trump from Profiting Off Crypto Projects Amid GENIUS Act Debate

A growing number of Democratic lawmakers are pushing back against what they allege is direct financial exploitation of public office by President Donald Trump through his involvement in cryptocurrency ventures. Senators Chuck Schumer, Elizabeth Warren, and Jeff Merkley are proposing amendments to the GENIUS Act — a bill currently under consideration in Congress that aims to regulate stablecoins — to explicitly bar Trump and his family from profiting from such digital asset projects.

Trump and his family reportedly own World Liberty Financial (WLFI), a crypto lending platform currently promoting the USD1 stablecoin. If the GENIUS Act recognizes stablecoins like USD1 as financial instruments, it could allow WLFI — and by extension, the Trump family — to profit immensely from the resulting regulatory clarity and adoption.

"Passing the GENIUS Act without our anti-corruption amendment would confirm that Congress is allowing the sale of political tokens and bowing to the highest bidder," said Senator Jeff Merkley.

Concerns deepened in May when MGX, an Abu Dhabi-based investment firm, expressed interest in buying $2 billion worth of USD1 stablecoins, with the intention of deploying them on Binance, the world's largest crypto exchange.

Democratic lawmakers fear this transaction:

• Could inflate the token's use.
• Result in massive transaction fee profits flowing to Trump.
• Give foreign investors disproportionate influence over U.S. crypto policy.

The senators also criticized a private dinner hosted by Trump for the top 220 holders of the TRUMP memecoin, raising alarms over pay-to-play politics and opaque donor influence.

"In this private, secret dinner, the people who put money in Donald Trump's pocket are getting access to him," said Senator Chris Murphy.
"They were able to pay to have an audience with the President of the United States and ask him for national security privileges. That's where the real corruption is."

Reports suggest controversial figures — including Tron founder Justin Sun, who has faced multiple regulatory investigations — may have been on the guest list.

Back in April, Senator Jon Ossoff (D-GA) accused Trump of abusing presidential power to favor his own crypto-related businesses and called for impeachment. The Senator labeled Trump's involvement in regulatory decisions impacting stablecoins as a clear conflict of interest.

• Prohibit any sitting president or immediate family member from owning or profiting from digital asset platforms or tokens subject to federal regulation.
• Mandate public disclosure of crypto-related business interests.
• Require transparency on political token fundraising, including guest lists for events like the TRUMP memecoin gala.

As the GENIUS Act nears a critical vote, this amendment could significantly alter the bill's implications and raise the ethical bar for presidential involvement in digital finance. At its core, this is a battle over whether political leaders can personally profit from regulatory decisions in the fast-evolving crypto sector, or whether stronger boundaries must be enforced to maintain trust in public institutions.

Here is a visual overview of Donald Trump's cryptocurrency affiliations and influence channels. Each bar represents a specific crypto-linked entity or initiative connected to Trump, annotated with its role or category.