Trump's Crypto Ventures Spark Debate as GENIUS Act Nears House Vote

As digital asset legislation moves through Congress, President Donald Trump's personal involvement in the crypto industry has become a contentious issue. Democrats have launched protests against what they term "Trump’s crypto corruption," arguing that his financial dealings in the sector could impede the passage of key legislation.

However, a recent poll conducted by the Cedar Innovation Foundation, a pro-crypto lobbying organization, suggests that the public is largely unaware of Trump's crypto ventures. The poll, which surveyed 1,000 voters between June 16 and June 18, found that 60% of respondents had not heard about Trump's financial gains from his family's crypto firm, World Liberty Financial. Additionally, 57% of respondents were unaware of Trump's Solana meme coin.

Cedar Innovation Foundation interpreted these results as evidence that Democratic efforts to highlight Trump's crypto dealings have not resonated with the public. A spokesperson for Cedar stated that the poll shows "the Dem attacks aren’t breaking through." However, other recent polling data challenges this conclusion. A Data for Progress poll conducted around the same time found that 62% of voters believed Congress should include provisions in crypto legislation to prevent Trump and his family from personally benefiting from cryptocurrency.

The Data for Progress poll also revealed significant support for such provisions across party lines, with 42% of Republicans, 66% of independents, and 80% of Democrats in favor. This suggests that while the public may not be widely aware of Trump's crypto dealings, there is substantial support for measures to prevent conflicts of interest.

Trump's involvement in the crypto industry has been substantial. His family's Ethereum decentralized finance platform, World Liberty Financial, sold $550 million worth of its native WLFI token earlier this year, netting an estimated $390 million for the president and his associates. Additionally, Trump's official Solana meme coin, TRUMP, reached a fully diluted valuation of over $70 billion shortly after its launch in January, though it has since decreased to about $8.6 billion.

The first major piece of crypto legislation poised to pass Congress is the GENIUS Act, which would establish a framework for issuing and trading stablecoins in the United States. The bill passed the Senate last month and is set to undergo a vote in the House next week. Notably, the bill does not contain any provisions restricting the president and his family from issuing or profiting off their own stablecoin. The Trumps and their World Liberty business partners launched such a product, USD1, in March, which is currently the eighth-largest stablecoin in the world, with a market capitalization of $2.2 billion.

When asked about his crypto ventures, President Trump has deflected questions about divesting from the industry, arguing that his involvement has been beneficial for the sector. He further claimed that without his support, the industry might have moved to China. This stance has added fuel to the debate over the potential conflicts of interest posed by Trump's crypto dealings.