Crypto Corruption Bill Fails Senate Trump Family Gains 10% Net Worth

The "End Crypto Corruption" amendment, proposed by a US Democratic Senator, has failed to pass in the Senate. The amendment aimed to prevent elected officials from leveraging their positions to gain profits from cryptocurrency projects. The rejection of this bill underscores the growing intertwining of the US political landscape with the crypto market, sparking concerns about potential political corruption and collusion.

The Trump family has recently seen significant financial gains from various cryptocurrency projects, amounting to approximately $620 million, which constitutes nearly 10% of their total net worth. Notably, the family earned around $390 million from the World Liberty token sale and an additional $150 million from the Trump Meme Coin. Furthermore, the Trump family holds a 20% stake in the crypto mining company American Bitcoin, with expectations of further profits through a potential merger and listing with Gryphon Digital Mining.

This development highlights the intricate relationship between the crypto market and politics. While the US has yet to enact relevant regulations, other regions such as Singapore and the EU have implemented measures to restrict officials from participating in crypto projects, aiming to enhance transparency. For users of BiyaPay, the rejection of this bill may not immediately affect the politicalization of the crypto industry. However, in the long term, this "gray area" could increase market uncertainty and risk.

In response to this evolving market environment, BiyaPay is dedicated to providing users with secure and transparent cryptocurrency trading services. The platform supports the exchange of USDT with multiple fiat currencies, including USD and EUR, and offers zero-fee spot and contract trading. Additionally, BiyaPay provides services for US and China Hong Kong stocks, helping users navigate and mitigate potential market risks.