"Throughout this Congress, I have repeatedly gone through all of President Trump’s #crypto ventures. Every week it seems like news comes out that he’s starting a new project. One day it’s a meme coin, the next it’s a #stablecoin, and now a wallet. That is why I, and Committee Democrats, introduced the 'Stop TRUMP in Crypto Act.' This legislation would block the #President, Vice President, Members of Congress, and their immediate families from engaging in crypto corruption and blatant conflicts of interest."
Thank you, Mr. Chair, and I have this amendment at the desk. This amendment would add in H.R. 7573,
the Stop Trump and Crypto Act, to ensure that we limit conflicts of interest
that could arise from our position as elected officials. Throughout this Congress,
I have repeatedly gone through all of the President Trump's crypto ventures.
Every week, it seems like news comes out of what he's starting, a new project. One day it's a meme
coin, the next it's a stable coin, and now a wallet. That is why I and committee Democrats
introduced the Stop Trump and Crypto Act. This legislation would block the President,
the Vice President, members of Congress, and their immediate families from engaging
in crypto corruption and blatant conflicts of interest. Importantly, it would stop all
of President Trump's crypto conflicts to date. Over the last nine months, since before he was
even elected President, reports have shown that President Trump has made up to $2.9 billion
from his crypto ventures, lifting his net worth to an estimated $5.6 billion. So according to Forbes,
crypto has done more than just make President Trump richer. It's also provided liquidity
that the President needed. In an article, Forbes pointed out that, and I quote,
A year ago, he was short on cash, with about $400 million on his balance sheet and more than
$500 million in legal judgments against him, the vast majority from a fraud case he lost
and is currently appealing. Now, however, Trump holds roughly $900 million of liquid assets,
about half of which come from crypto ventures. Quote, end quote. This isn't all. The $2.9
billion will continue to increase. He has hundreds of millions, maybe even billions on his way,
thanks to his company, World Liberty Financial. And not just that, but Trump is receiving money
directly from foreign nationals, as he did with his meme coin. Reports show that in his private
VIP reception for the top holders of his meme coin, most were non-US citizens. The corruption
won't stop there. Insiders are now speculating about what President Trump might offer his
investors next. They might open up a new exclusive club in DC. The price? Buying President Trump's
meme coin. Maybe he'll offer his investors exclusive access to Mar-a-Lago, his hotels,
resorts, or golf courses. Chairman Hill, you said yourself that, quote, the Trump family activity
in the meme coin space makes my work in Congress more complicated. Quote, end quote. I agree with
you, Mr. Hill. I think this makes Congress's job more complicated. But that doesn't mean
we should turn a blind eye. We must address these conflicts head on. We must not rush
to create a regulatory regime through complexity act that completely ignores President Trump's
crypto actions. Frankly, it doesn't matter whether President Trump is a Republican or a Democrat.
The conflicts of interest presented by the President's various crypto ventures
put our national security, investors, consumers, and most importantly, Democrats at risk. We must
work to end Trump's crypto corruption in any crypto bills we consider. And I urge members
to support this amendment.
