US President Donald Trump didn’t reply a reporter’s query on whether or not he would divest from his household’s crypto ventures to be able to guarantee passage of key cryptocurrency laws, saying solely that if the US didn’t have crypto, China or different international locations would.
“Many Democrats have mentioned that they aren’t going to help crypto payments in Congress solely due to you and your loved ones’s private crypto ventures,” a reporter mentioned to Trump throughout press briefing on the White Home on Friday.
Requested whether or not he would contemplate divesting from his crypto ventures to ease political stress on digital asset payments on Congress, Trump responded:
“I grew to become a fan of crypto, and to me, it is an business. I view it as an business and I’m president. And if we didn’t have it, China would, or someone else would, however probably China would like to, and now we have dominated that business.
Now we have created a really highly effective business, and that’s rather more necessary than something that we spend money on,” Trump mentioned.
The rising concern amongst lawmakers over Trump’s crypto ties and the potential battle of pursuits threaten to derail efforts to ascertain complete laws for the business, a coverage goal that has steadily gained bipartisan help since 2024.
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Democratic lawmakers transfer to deal with battle of curiosity issues
The Senate handed the GENIUS Stablecoin invoice in a 68-30 vote on June 17, with out proposed amendments from Democratic lawmakers in search of to restrict a US president’s involvement within the crypto business.
California Senator Adam Schiff launched the Curbing Officers’ Revenue and Nondisclosure (COIN) Act on Monday. The invoice would prohibit the president, his household and officers within the government department from issuing or endorsing any digital asset.
“Donald Trump and different senior administration officers have made a fortune off of crypto schemes. Right now, I’m introducing the COIN Act to place a cease to this corruption in plain sight,” Schiff wrote on X.
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