Crypto Clash in Congress: Trump’s $2B Deal Triggers Democratic Revolt

Washington is facing a crypto-fueled political storm as Democrats accuse President Donald Trump of corruption over his family’s cryptocurrency dealings. The controversy revolves around two major projects: a meme coin generating $320 million in trading fees and a $2 billion stablecoin initiative backed by a UAE state-owned fund in partnership with Binance.

The situation escalated when Senate Democrats introduced the End Crypto Corruption Act, aiming to ban presidents and lawmakers from creating or endorsing digital assets. At the same time, a dramatic walkout led by Rep. Maxine Waters disrupted a House hearing on crypto regulation.

Senator Chris Murphy called it “the single most corrupt act ever committed by a president,” referencing alleged exclusive perks tied to the meme coin — including private dinners and VIP White House tours for top investors.

Amid this uproar, Democrats have pulled support for the GENIUS Act, a bipartisan bill to regulate stablecoins. Senate Majority Leader Chuck Schumer instructed Democrats to withhold votes until changes are made.

Despite the scandal, Trump’s administration maintains no conflict of interest, citing that his crypto assets are held in a trust. Still, the backlash could derail long-awaited crypto regulation and shift the industry’s political footing in Washington.