Trump Crypto Dinner Sparks Democratic Push for Ban on Politician Profits VanEck Launches Avalanche Blockchain Fund in June Hong Kong Passes Stablecoin Bill for Fiat-Backed Digital Currencies

Donald Trump is set to host a crypto dinner for top memecoin investors, which has sparked a coordinated campaign by Democratic lawmakers against what they term a “crypto corruption” scandal. The lawmakers are pushing for a bill that would prohibit presidents, vice presidents, and members of Congress from profiting through digital asset ventures. Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, is leading the charge, accusing Trump of exploiting his public office to promote and profit from crypto ventures linked to himself and his family. The new legislation, though facing an uphill battle in the GOP-controlled Congress, mirrors previous attempts by Democrats to include similar provisions in broader crypto legislation, which have been blocked so far.

VanEck, a pioneer among U.S. asset managers in embracing digital assets, is planning to launch a private fund focused on the Avalanche blockchain in June. The VanEck PurposeBuilt Fund will be available to accredited investors and will invest in liquid tokens and early-stage ventures across gaming, payments, AI, and financial services built on Avalanche. In addition to venture-style investments, the fund will also allocate idle capital into real-world asset (RWA) products native to Avalanche, including tokenized money market funds. The fund will be managed by the same team behind VanEck’s Digital Assets Alpha Fund, which currently oversees more than $100 million in assets.

Hong Kong has passed a stablecoin bill aimed at licensing issuers of fiat-backed digital currencies, making it the latest jurisdiction to regulate one of the fastest-growing sectors of the crypto industry. The bill, approved in its third reading by the Legislative Council, establishes a licensing regime that will be overseen by the Hong Kong Monetary Authority. Lawmakers anticipate that companies seeking to issue stablecoins backed by traditional currencies will be able to apply for licenses before the end of 2025.