Trump Leverages TRUMP Memecoin and USD1 for Fundraising Amid Senate's GENIUS Act and End Crypto Corruption Act Debates, Proposes Trump Card Visa with DOGE
Trump Leverages TRUMP Memecoin and USD1 for Fundraising Amid Senate's GENIUS Act and End Crypto Corruption Act Debates, Proposes Trump Card Visa with DOGE
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President Donald Trump is leveraging cryptocurrency to raise significant funds, hosting exclusive dinners for wealthy political donors and top holders of the TRUMP memecoin. The first event, a 'Crypto & AI Innovators Dinner' at the Trump National Golf Club in Virginia, charged $1.5 million per plate. A subsequent dinner is scheduled for May 22 for the top holders of the TRUMP memecoin, which has seen a 20% surge in value over the past month.
The fundraising efforts have sparked controversy, with critics alleging corruption and conflict of interest. The Trump family's involvement in cryptocurrency, particularly through World Liberty Financial, has drawn scrutiny. Senator Jeff Merkley criticized the move as 'a selling of influence' and 'a massive form of corruption.' Melania Trump's involvement in these events has also been highlighted.
Amid these developments, the Senate is grappling with the GENIUS Act, a bill aimed at regulating stablecoins. The legislation faces opposition from Democrats, who are concerned about potential conflicts of interest, especially given Trump's family's crypto ventures. Senate Democrats introduced the End Crypto Corruption Act to prohibit federal officials and their families from investing in or endorsing digital assets. The Trump family's stablecoin, USD1, was recently used in a $2 billion transaction backed by a United Arab Emirates fund, intensifying scrutiny.
The GENIUS Act, which would establish a regulatory framework for stablecoins, is set for a procedural vote. Senate Majority Leader John Thune has indicated a willingness to compromise with Democrats to address their concerns about consumer protections and national security. However, the bill's passage remains uncertain due to ongoing partisan tensions. Additionally, Trump has proposed a 'Trump Card Visa' program, which would offer US residency for $5 million, with DOGE rolling out digital infrastructure for the initiative.
In the Situation Benjamin Wittes looks at the Trump family cryptocurrency businesses and what can be done to deter companies and individuals from taking part in this grift. https://t.co/dEtcs5AKEq
President Trump’s cryptocurrency is an unprecedented opportunity for corruption and bribery, and our End Crypto Corruption Act puts a stop to it.
We need a framework that allows the industry to succeed in the U.S., protects consumers and ends abuse by politicians + bad actors. https://t.co/GTpvCoooIf
The GENIUS Act would undermine consumer protections, benefit criminal actors, and allow the Trump family to make tens of millions of dollars through crypto ventures. Join me LIVE as I discuss this dangerous bill, which poses serious risks to our economy. https://t.co/g4Ih4C2HWp
Trump is making hundreds of millions off stablecoins and crypto.
The Senate should not pass the GENIUS Act without addressing Trump’s breathtaking crypto corruption. https://t.co/jL6apFLyr9
Trump’s contest to see who can bribe him the most through his meme coin is being dominated by foreign owners.
There’s a reason why Trump fired the ethics watchdog overseeing the executive branch, and the team investigating crypto fraud.
These are bribes, and this is corruption. https://t.co/9YmT1xeeq3
SCOOP: President Trump floated the idea of creating a $5 million golden visa in February.
Now, DOGE has started rolling out digital infrastructure for the program.
https://t.co/K4jorIrkx4
The GENIUS Act is commonsense legislation voted out of committee on a bipartisan basis. It would:
✅ Keep digital asset innovation in America
✅ Strengthen the U.S. dollar
✅ Help law enforcement track down criminals
In the Situation Benjamin Wittes looks at the Trump family cryptocurrency businesses and what can be done to deter companies and individuals from taking part in this grift. https://t.co/dEtcs5AKEq
