U.S. Democratic Party, Proposal of law to block politicians' involvement in cryptocurrency… Tension is rising ahead of Trump dinner

The U.S. Political Circles Putting the Brakes on the Trump Family's Cryptocurrency Business (Source: WSJ)

U.S. House Representatives from the Democratic Party have introduced a bill to fundamentally block political intervention in the cryptocurrency market. According to The Block, 14 Democratic members led by Representative Maxine Waters introduced the ‘STUMP Act (Stop Trying to Undermine the Management of Our Portfolio)’ to restrict the President and high-ranking officials from exerting influence on specific cryptocurrencies.

The core of the bill is to prevent the President, Vice President, members of Congress, and their immediate families from holding stakes in cryptocurrencies that can influence the market. The aim is to block conflicts of interest for high-ranking officials and preemptively prevent ‘political manipulation’ of the cryptocurrency market.

The introduction of this bill comes ahead of the planned dinner on May 22 with President Donald Trump and industry figures from the cryptocurrency sector, drawing attention. Prior to the dinner, some Democratic members are reportedly planning to stage a protest in Washington. With President Trump recently voicing messages favorable to the cryptocurrency industry repeatedly, voices within the Democrats are rising to check political involvement in digital assets.

As the political circles' stance on cryptocurrency becomes increasingly distinct, whether the STUMP bill will pass the plenary session remains uncertain. However, intersecting with the presidential race, policy debates surrounding digital assets are expected to intensify.