Congressional Democrats are raising concerns about President Donald Trump’s personal ties to the cryptocurrency industry, hindering bipartisan efforts to regulate digital currency. Trump-affiliated entities have reportedly earned over $300 million in trading fees from cryptocurrency investments since January. The promotion of the $TRUMP meme coin by a Trump-affiliated company led to an 80% increase in its value after offering an intimate private dinner with the president. Additionally, a Trump family crypto firm’s digital coin is being used by an Abu Dhabi government-backed investment firm for a $2 billion investment in a major cryptocurrency exchange.

While the administration is supporting the crypto industry’s growth in the US, some Democrats withdrew support for the GENIUS Act, a stablecoin regulatory bill, citing concerns about money laundering and national security. This move complicates the bill’s passage in the Senate, where at least seven Democratic votes are needed to overcome a filibuster. Lawmakers like Rep. Maxine Waters and Sen. Adam Schiff are calling for investigations into Trump’s crypto connections, questioning potential conflicts of interest.

Sens. Jeff Merkley and Elizabeth Warren plan to introduce a bill banning high-ranking officials and their families from creating crypto assets. The White House maintains that Trump’s assets are managed in a trust by his children, denying any conflicts of interest. Both Democrats and Republicans have expressed reservations about the GENIUS Act, but negotiations are ongoing to secure bipartisan support for the legislation.