Thomas Daniels
Several Democratic legislators have signaled their opposition to crypto regulation bills unless potential conflicts of interest, particularly involving the president’s personal holdings, are fully addressed.
During a White House press briefing on Friday, a reporter questioned whether President Trump would divest from his family’s cryptocurrency ventures to facilitate the passage of key legislation. The president evaded the prompt, stating: “If the US didn’t have crypto, China or other countries would.”
A reporter pressed: “Many Democrats have said they are not going to support crypto bills in Congress only because of you and your family’s personal crypto ventures.”
Trump replied:
“I became a fan of crypto, and to me, it’s an industry. … And if we did not have it, China would, or somebody else would… We have created a very powerful industry, and that is much more important than anything that we invest in.”
This evasiveness underscores mounting concern on Capitol Hill: lawmakers warn that unchecked presidential crypto ties could derail bipartisan regulatory efforts, an initiative gaining momentum since 2024.
Democratic Pushback & Legislative Measures
On June 17, the Senate approved the GENIUS Stablecoin Act, passing 68–30 despite pressure from Democrats to incorporate conflict-of-interest safeguards targeting the president and executives.
California Senator Adam Schiff introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act, aiming to restrict the president, family members, and executive-branch officials from issuing or endorsing digital assets.
Schiff asserted on X:
“Donald Trump and other senior administration officials have made a fortune off of crypto schemes. … the COIN Act [will] put a stop to this corruption in plain sight.”
These developments highlight a bipartisan paradox: while Congress seeks to establish comprehensive crypto regulation, it is simultaneously grappling with the very conflicts of interest at its apex that threaten to stall reform.
