As President Donald Trump hosted a gala at his Virginia golf course for top investors of his $TRUMP memecoin, Democratic lawmakers voiced strong objections to his deepening ties with the cryptocurrency market. Senator Chris Murphy announced plans to introduce an amendment to the GENIUS Act—a bill aimed at regulating stablecoins—that would prohibit the president and other officials from profiting off such digital assets. This move seeks to force a congressional vote, putting Republicans on record regarding Trump's crypto activities.
Representative Sam Liccardo highlighted internal discomfort among GOP members, stating that while some Republicans privately express concern over Trump's crypto dealings, they hesitate to do so publicly. The White House defended the president's actions, asserting that his assets are managed in a trust by his children, thereby eliminating conflicts of interest.
The controversy centers around the $TRUMP memecoin, launched in January 2025, which has raised over $320 million in fees. Critics argue that events like the exclusive dinner for top coin holders blur the lines between public service and personal gain, raising questions about transparency and the potential for foreign influence.