GENIUS Act, Trump and cryptocurrency
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Holders of the digital tokens issued by World Liberty Financial, one of the crypto ventures of the family of Donald Trump, voted on Wednesday to make them tradeable, paving the way for their wide sale and purchase -- potentially boosting the value of the president's holdings of them.
As the Genius Act lands on the president’s desk, the California lawmaker says she’s concerned that “the rug will be pulled out from under the unsuspecting investors.”
Watchdogs and critics are raising alarms about conflicts of interest. Trump’s public enthusiasm for digital currencies is a business strategy. His administration’s aggressive deregulation benefits WLF and others like it, insulating them from scrutiny while they expand their financial reach.
Of all the riddles wrapped in the digital wallets sending funds to President Donald Trump’s World Liberty Financial crypto business, a little-known entity last month became the biggest.
The House is set to vote on a series of high-stakes bills backed by the cryptocurrency industry, after top Republicans brokered a deal with a group of dissenters in their ranks.
Crypto firms made substantial contributions to Trump's inaugural fund, signaling their enthusiasm. Ripple donated $5 million in digital tokens, while Coinbase, Kraken, and Circle each gave $1 million.