In the picturesque setting of Jackson Hole, Wyoming, a storm brews around President Donald Trump and his family’s entanglements in the cryptocurrency sector, potentially hindering critical legislation. On Wednesday, Rep. Angie Craig (D-Minn.) voiced concerns at the SALT conference, highlighting how these conflicts of interest pose significant challenges to passing digital asset regulations in the U.S.
A Family Affair
The Trump family’s involvement in crypto is extensive. Since re-entering the Oval Office earlier this year, President Trump has been linked to several meme coins and exchange-traded funds through his social media platform, Truth Social. Meanwhile, Eric Trump has stepped into the mining arena, co-founding American Bitcoin, a company under Hut 8’s umbrella. This expansion aligns with broader family moves in the sector, as detailed in Trump Family Expands Crypto Bets as Thumzup Pivots Into Dogecoin Mining.
Rep. Craig, alongside Rep. Bryan Steil (R-Wi.), emphasized these familial ties as a stumbling block in garnering broader Democratic support for the Digital Asset Market Clarity Act. Passed by the House last month with substantial bipartisan backing, the Act now faces scrutiny in the Senate Banking Committee.
However, the elephant in the room remains—the perceived conflict of interest due to the President’s family’s crypto dealings. Craig’s remarks pointedly addressed this issue, suggesting that without stricter language to mitigate these conflicts, Democratic support might remain tepid.
Bipartisan Hurdles
“The President’s family’s participation in this marketplace is a stumbling block,” Craig stated candidly. Her comments underscore a broader concern among Democrats who are wary of regulatory proposals that could inadvertently benefit the President and his kin. This concern is echoed in the recent developments where Trump Jr.-tied firm raises $50M for crypto, mining as Bitcoin peaks, further complicating the legislative landscape.
Interestingly, Craig is no stranger to this debate. As the ranking member on the House Agriculture Committee, she has previously criticized the Trump family’s crypto ventures for complicating legislative discussions. During a committee hearing in June, she proposed imposing restrictions on presidential trading in markets governed by the CFTC, which includes crypto.
Despite her outspoken stance, Craig ultimately cast her vote to advance the Clarity Act without the amendments she had suggested. Her pragmatic decision highlights the delicate balancing act lawmakers face in navigating personal convictions and legislative progress.
Industry Implications
The impasse over the Clarity Act raises broader questions about the future of crypto regulation in the U.S. As lawmakers grapple with internal divisions, the industry watches closely. A clearer regulatory framework could unlock new opportunities, yet the current deadlock leaves these prospects in limbo.
Cryptocurrency markets, ever sensitive to regulatory signals, have been jittery. Analysts suggest that while the legislative wrangling continues, investors may remain cautious. “The industry’s looking for clarity,” noted one market analyst. “Uncertainty is the real disruptor here—more than any market fluctuation.”
Looking ahead, the conversation is set to continue. On September 10, stakeholders will gather in Washington, D.C., for CoinDesk’s Policy & Regulation event, where these issues are expected to dominate discussions.
For now, as the Senate evaluates its version of the crypto market structure legislation, the President’s family’s involvement remains a contentious topic. Whether it will be addressed or sidestepped is yet to be seen—and that’s where it gets interesting. Can lawmakers bridge the divide to create a regulatory environment that fosters innovation while safeguarding against potential conflicts? The answer, it seems, is still up in the air.
Source
This article is based on: Trump’s Crypto ‘Conflicts of Interest’ Are ‘Blocking’ Dem Legislation Support, Top Lawmaker Says
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
