BlockBeats News: On May 19th, according to The Wall Street Journal, the enthusiasm of US President Trump and his family for cryptocurrency has made the industry one of the biggest winners in his second term. Given Trump's significant business interests, critics have raised ethical concerns.
Representatives of the Trump family have discussed investing in Binance. US. This will enable the President of the United States to conduct business with a company that acknowledges violating anti money laundering laws. Binance executives also met with officials from the US Treasury Department to discuss relaxing government regulation of the company. Binance founder and major shareholder CZ recently announced that his lawyer has officially applied for a pardon. Last year, he was imprisoned for four months on related charges.
The Trump family also owns a company called World Liberty Financial, which was established in September last year. Trump's sons Donald Jr., Eric, and Barron are all involved in this business, and the Trump family controls approximately 60% of the company's equity. Justin Sun invested $75 million in the project, further driving this momentum. In February of this year, the US Securities and Exchange Commission (SEC) requested the court to suspend a lawsuit accusing Justin Sun and his company of fraud.
Trump's team is trying to push Congress to pass two cryptocurrency bills in the coming months: one is to establish the first regulations for stablecoins, and the other is to specify which cryptocurrency products are regulated by the U.S. Securities and Exchange Commission as securities and which are regulated by the U.S. Commodity Futures Trading Commission (CFTC) as commodities. It is expected that the Senate will soon vote on its version of the stablecoin bill. Some Democrats oppose the bill citing Trump's potential conflicts of interest and stablecoin activities.
