Trump’s Growing Crypto Empire Triggers Backlash: Will Stablecoin Legislation GENIUS Be Passed?

US President Donald Trump’s deepening ties to the cryptocurrency sector—alongside his family’s direct financial interests—have sparked a Senate backlash and ethics investigations. The controversy stems from multiple high-profile crypto ventures linked to Trump, including a $2 billion deal between a Trump-affiliated firm and a state-backed Emirati fund, the launch of a Trump-branded stablecoin, and the proliferation of meme coins like TRUMP and MELANIA.

Senator Jeff Merkley (D-Oregon) condemned the situation as "a selling of influence, a conflict of interest, just a massive form of corruption we haven’t witnessed." His remarks, reported by The New York Times on May 5, 2025, were echoed in a social media post where he criticized Trump’s crypto dealings as ethically dubious.

The legislative response remains uncertain, but the backlash highlights growing scrutiny over the intersection of political power and digital asset markets.