On May 19, according to the Wall Street Journal, US President Trump and his family's enthusiasm for cryptocurrency has made the industry one of the biggest winners during his second term. Given Trump's extensive business interests, critics have raised moral concerns.
Trump family representatives have discussed investing in Binance.US. This would involve the US President doing business with a company that has admitted to violating anti-money laundering laws. Binance executives have also met with US Treasury officials to discuss relaxing government oversight of the company. Binance founder and majority shareholder CZ recently stated that his lawyers have formally applied for a pardon. Last year, he was imprisoned for four months due to related charges.
The Trump family also owns a company called World Liberty Financial, which was established last September. Donald Trump Jr., Eric, and Barron are all involved in this venture, with the Trump family controlling approximately 60% of the company's shares. Justin Sun invested $75 million in the project, further boosting its momentum. In February this year, the SEC requested the court to suspend a lawsuit accusing Justin Sun and his company of fraud.
Trump's team is attempting to push two cryptocurrency bills through Congress in the coming months: one to establish the first regulations for stablecoins, and another to determine which crypto products will be regulated as securities by the SEC and which will be regulated as commodities by the CFTC. The Senate is expected to vote on its version of the stablecoin bill soon. Some Democrats oppose the bill, citing potential conflicts of interest for Trump and stablecoin activities.
