Trump Meme Coin Controversy Spurs Democratic Opposition...Even Stalling Stablecoin Legislation

Donald Trump U.S. President's meme coin 'TRUMP' (Source: X)

Donald Trump U.S. President's directly issued meme coin 'TRUMP' token is causing controversy in the political arena, with the Democratic Party strongly protesting. Senator Chris Murphy proposed the 'Modernization for the Elimination of Misleading and Exploitative Activity Act(MEME Act)', banning the issuance of cryptocurrencies by the president and family, and Senator Elizabeth Warren also demanded limitations on direct participation by government officials in stablecoin regulation negotiations.

Additionally, some Democratic lawmakers who supported the stablecoin regulation bill ‘GENIUS Act’ have recently withdrawn their stance. This is because of increasing criticism that the WLFI, a cryptocurrency company related to the Trump family, is raising hundreds of millions of dollars, and the president is benefiting from it.

In the House, Democratic lawmakers are even showing a move to skip the cryptocurrency hearing, putting the bipartisan cooperative stablecoin legislative discussions in a de facto state of suspension. Trump claims he is not benefiting, but the political circle continues to criticize the use of the presidency for personal gain.