Senator Jeff Merkley (D-OR) has accused Republicans of protecting “the Trump family crypto scam” after they blocked his amendment to prohibit federal officials from promoting or selling cryptocurrencies.
(Source: Senator Jeff Merkley On X)
The proposed measure sought to prevent elected leaders from exploiting digital assets for personal gain, with Merkley declaring: “No elected official should be able to run a crypto scheme to sell influence and enrich themselves.”
The amendment’s failure shows growing partisan tensions over crypto regulation amid concerns about politicians abusing the emerging asset class.
Trump Family’s Crypto Ventures Face Legal Scrutiny
Donald Trump’s 2024 campaign leveraged cryptocurrency to secure critical voter blocs and funding. After reversing his anti-crypto stance, Donald Trump launched multiple NFT collections that generated over $100 million in revenue while accepting cryptocurrency donations, the first major presidential candidate.
Earlier, Merkley said in an interview, “Trump’s crypto schemes are profoundly corrupt. He’s selling access to his administration and enriching himself in the process.”
His promise to “end Biden’s war on crypto” resonated with younger voters, which helped him gain 12% points among 18-34 year-olds compared to 2020.
Donald Trump’s strategy proved effective in swing states with strong crypto communities. In Arizona’s Maricopa County, Trump won by 3.2% after targeting digital asset holders. Michigan saw 14% of voters cite crypto policy as a deciding factor, according to EPIC-MRA polling.
Pro-Trump Super PACs like Fairshake spent over $2 billion on crypto-focused ads in battleground states, outspending traditional labor unions in Pennsylvania and Wisconsin.
Furthermore, Donald Trump has also launched his crypto ventures, World Liberty Financial (WLFI) and the memecoin project TRUMP. According to some reports, these ventures helped Donald Trump generate millions of dollars in income.
Donald Trump is under fire for promoting the $TRUMP memecoin while offering exclusive perks to its biggest buyers. Watchdog groups and lawmakers, including Republicans, are criticizing the move as a money-making scheme.
On May 22, Trump hosted a private dinner at his Virginia golf club for the 220 biggest buyers of $TRUMP. The top 25 buyers also got a special “reception.” To attend, these supporters spent a combined $148 million on the memecoin; money that benefits Trump and his partners, according to crypto analytics firm Inca Digital.
“Trump is marketing access to himself as a way to profit from his memecoin,” Columbia Law professor Richard Briffault, an expert on government ethics, said. Briffault added: “People are paying to meet Trump, and he’s the regulator in chief. It’s doubly corrupt. This is unprecedented. I don’t think there’s been anything like this in American history.”
Also Read: Germany’s Top Bank Sparkassen to Add Bitcoin Trading in 2026
