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US Senate crypto bills stall amid Trump ties and ethics concerns

Efforts to pass crypto legislation in the US Senate face mounting resistance amid growing ethical concerns around US President Donald Trump’s ties to crypto.

In a May 5 letter to the Office of Government Ethics, Senators Elizabeth Warren and Jeff Merkley said that Trump and his family stand to personally profit from an investment involving UAE state-backed firm MGX, crypto exchange Binance and World Liberty Financial (WLFI).

The senators called for an urgent probe, warning the deal may violate the US Constitution’s Emoluments Clause and federal bribery statutes.

At the center of the controversy is WLFI’s USD1 stablecoin, reportedly chosen for a $2 billion investment MGX plans to make into Binance.

The senators said the transaction amounts to a potential backdoor for foreign influence and self-enrichment, with Trump’s allies allegedly set to receive hundreds of millions of dollars:

“This deal raises the troubling prospect that the Trump and Witkoff families could expand the use of their stablecoin as an avenue to profit from foreign corruption.”

Further complicating ethics concerns, Trump hosted a $1.5 million-per-plate dinner on May 5 at his golf club in Sterling, Virginia. The event came just days after hosting a $1 million-per-plate fundraiser for the MAGA super PAC.

He also plans to hold a gala dinner with major Official Trump (TRUMP) memecoin holders on May 22, despite multiple US lawmakers expressing concerns.

US Senate crypto bills stall amid Trump ties and ethics concerns
Source: Elizabeth Warren

Related: America’s crypto renaissance is already failing; but we can fix it

GENIUS Act faces roadblocks

The Trump family’s controversial $2 billion crypto deal comes as the Senate prepares to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and other crypto-related bills.

The fallout is already being felt in Congress. Some Democratic lawmakers are pushing for additional hearings before advancing any legislation, while others question whether Trump’s personal stake in digital assets is undermining bipartisan support for crypto regulation.

On May 5, Senate Majority Leader John Thune signaled a willingness to amend the GOP-backed stablecoin legislation to pass the bill in the coming weeks.

Speaking to reporters, Thune said changes can be made on the floor and that he is waiting to hear what Democrats are asking for, per a report from Politico.

Internal GOP challenges also remain, with Senator Rand Paul expressing uncertainty about backing the bill, according to the report.

The stalling isn’t limited to the Senate. House Financial Services Committee ranking member Representative Maxine Waters plans to block a Republican-led event discussing digital assets on May 6.

The hearing, “American Innovation and the Future of Digital Assets,” will discuss a new crypto markets draft discussion paper pitched by the House agricultural and financial services committee chairs, Representatives Glenn Thompson and French Hill, respectively.

Related: Elizabeth Warren joins call for probe of Trump over crypto tokens

Crypto community slams political pushback

Prominent crypto figures are speaking out as political resistance threatens to derail stablecoin legislation in the Senate.

“Elizabeth Warren and Chuck Schumer haven’t learned their lesson,” Tyler Winklevoss, co-founder of Gemini, posted on X.

“If they want Democrats to continue losing elections, they will continue standing in front of crypto legislation like the stablecoin bill which they are stalling out in the Senate.”

US Senate crypto bills stall amid Trump ties and ethics concerns
Source: Tyler Winklevoss

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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Watch as Sky News challenges Peter Mandelson over Jeffrey Epstein links

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Watch as Sky News challenges Peter Mandelson over Jeffrey Epstein links

Sky News has exclusively challenged Lord Peter Mandelson over his relationship with Jeffrey Epstein.

It is the first time the Labour peer has been seen in the UK since he was fired as the ambassador to the US in September.

Lord Mandelson was sacked due to his links to the late sex offender.

It emerged over a series of days that the so-called “Prince of Darkness” had maintained his relationship with the disgraced financier following his first conviction, and had told him to fight it in the courts.

It led Sir Keir Starmer to dismiss him, just one day after he had publicly backed the peer in the House of Commons at Prime Minister’s Questions.

Sir Keir said new information had come to light, which showed Lord Mandelson’s relationship with Epstein was “materially different” to what he had told the government.

Read more from Sky News:
Child dies after ‘hazardous materials incident’
Afghan man arrested over stabbing ‘arrived in UK in lorry’

More on Peter Mandelson

The peer took a number of days to return to the UK, reportedly because his dog was unwell.

However, he was spotted on Monday evening by Sky News at a train station – but declined to answer any questions.

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French gov’t set to review motion to ‘embrace Bitcoin and cryptocurrencies’

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French gov’t set to review motion to ‘embrace Bitcoin and cryptocurrencies’

French gov’t set to review motion to ‘embrace Bitcoin and cryptocurrencies’

Éric Ciotti of the Union of the Right for the Republic led the charge in a motion for a resolution to ban CBDCs and promote stablecoins in France.

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Trump’s Truth Social moves into prediction markets with Crypto.com

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Trump’s Truth Social moves into prediction markets with Crypto.com

Trump’s Truth Social moves into prediction markets with Crypto.com

Truth Social wants to “democratize information” for its 6.3 million users with a social media prediction platform developed in collaboration with Crypto.com.

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