Trump's crypto agenda is being threatened by his pursuit of personal profits
Some lawmakers who had shown a willingness to support crypto legislation are backtracking on concerns about President Trump's personal ventures in the space.
President Donald Trump is standing in his own way when it comes to passing crypto legislation.
Lawmakers this week rejected the GENIUS Act — a bill meant to establish federal rules for stablecoins — due in part to concerns that President Trump's personal cryptocurrency ventures have created an unprecedented conflict of interest.
"Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls," Sen. Jeff Merkley, D-Ore., said in a statement to CNBC explaining his opposition to the bill. "This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government."
Stablecoins are digital currencies that are pegged to the value of other assets, like the U.S. dollar.
Getting anything passed in Congress is a steep uphill battle for Republicans given their razor-thin majority in the House, filibuster-proof requirement in the Senate, and Democrats' increasingly unified stance against President Trump's agenda. But enough Democrats appeared to be on board with a stablecoin law to bring about a rare bipartisan win for the president.
Trump's crypto agenda is being threatened by his pursuit of personal profits
Some lawmakers who had shown a willingness to support crypto legislation are backtracking on concerns about President Trump's personal ventures in the space.
President Donald Trump is standing in his own way when it comes to passing crypto legislation.
Lawmakers this week rejected the GENIUS Act — a bill meant to establish federal rules for stablecoins — due in part to concerns that President Trump's personal cryptocurrency ventures have created an unprecedented conflict of interest.
"Currently, people who wish to cultivate influence with the president can enrich him personally by buying cryptocurrency he owns or controls," Sen. Jeff Merkley, D-Ore., said in a statement to CNBC explaining his opposition to the bill. "This is a profoundly corrupt scheme. It endangers our national security and erodes public trust in government."
Stablecoins are digital currencies that are pegged to the value of other assets, like the U.S. dollar.
Getting anything passed in Congress is a steep uphill battle for Republicans given their razor-thin majority in the House, filibuster-proof requirement in the Senate, and Democrats' increasingly unified stance against President Trump's agenda. But enough Democrats appeared to be on board with a stablecoin law to bring about a rare bipartisan win for the president.