Controversial Cryptocurrency Plans by Trump Lead to Potential Walkout Warning Before TRUMP Token Event
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President Donald Trump is under fire for his questionable crypto endeavors, with House Democrats planning a walkout from a crucial crypto hearing as criticism mounts before the TRUMP token bash.
Lawmakers accuse Trump's diverse crypto undertakings - such as the TRUMP token, World Liberty Financial, and the USD1 stablecoin - of embodying potential conflicts of interest, given his authority to dictate crypto regulations.
Senator Elizabeth Warren heads the charge, slamming Trump for using his presidency to bolster his crypto empire.
"The Trump family stablecoin surged to 7th largest globally due to a shady crypto deal with the United Arab Emirates - a foreign government showering them with a massive fortune," Warren remarked. "The Senate shouldn't endorse a crypto bill this week to sanction this type of corruption."
Her warning comes as House Democrats prepare to abandon today's joint congressional hearing on crypto law, protesting what they view as a corrupt intertwining between Trump's business interests and U.S. policy.
The Trump brood has several crypto ventures, including the decentralized finance (DeFi) platform World Liberty Financial, a dollar-backed stablecoin named USD1, and the Official Trump (TRUMP) and Official Melania Meme (MELANIA) tokens.
Crypto Controversy Deepens as Trump Announces TRUMP Holders' Gala
The uproar surrounding Trump's crypto ventures increased after Trump declared a gala dinner for the top TRUMP token holders set for May 22.
Toward the end of April, Warren urged government officials to address questions related to the TRUMP token and Trump's media company.
"President Trump's announcement of VIP access to the Oval Office priced in bitcoin profits exchanges for investments in one of the President's business ventures," Warren penned in a letter co-signed by California Democratic Senator Adam Schiff.
Senator Jon Ossoff also demanded Trump's impeachment during an April 25 town hall. "When the seated U.S. President peddles access for essentially black-market deals with his personal financial gain, there's no question this represents impeachable offenses," Ossoff contended.
Donald Trump Dismisses Criticism of Crypto Ventures
During a recent interview with NBC News correspondent Kristen Welker, Trump downplayed concerns regarding offering access to the U.S. President to the wealthiest TRUMP token owners.
Trump maintained he was unaware of the token's value, dismissing its worth, and adding that the meme coin's price means nothing.
He defended his crypto ventures by stating they started "prior to the election." Trump then claimed he wasn't benefiting from anything.
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Join Our Telegram Channel for Latest Breaking News Coverage
- The controversy surrounding Donald Trump's crypto ventures, including the TRUMP token,World Liberty Financial, and the USD1 stablecoin, continues to escalate as politics and business intertwine, with Senator Elizabeth Warren accusing Trump of using his presidency to bolster his crypto empire.
- As House Democrats prepare to abandon today's joint congressional hearing on crypto law, citing potential conflicts of interest and corruption, Senator Jon Ossoff has demanded Trump's impeachment for peddling access to the U.S. President to the wealthiest TRUMP token holders, a move that Ossoff contends represents impeachable offenses.
