U.S. Senator Urges "Trump Family Must Dispose of All Cryptocurrencies"

▲ Donald Trump, Trump family, Bitcoin (BTC), cryptocurrency mining/ChatGPT generated image

A U.S. Senator has demanded that the family of former U.S. President Donald Trump dispose of all their cryptocurrencies.

According to crypto media outlet Benzinga on July 28 (local time), Senator Richard Blumenthal, the Ranking Member of the U.S. Senate Permanent Subcommittee on Investigations, claimed that Trump is exploiting legal loopholes and a lack of enforcement in cryptocurrency regulation. He pointed out that the current U.S. cryptocurrency market structure bill does not have sufficient safeguards against abuse.

Blumenthal stated on X (formerly Twitter) that “we need real safeguards, not just window dressing.” He further urged that regulations should mandate the disposal of cryptocurrencies held by Trump, his family, and government officials.

Blumenthal also criticized regulatory gaps in a public forum addressing allegations of Trump's cryptocurrency-related corruption. He stated, “Cryptocurrencies exist in an enforcement vacuum, relying on laws not designed to prevent related abuses.”

The U.S. Senate has postponed discussions on the U.S. cryptocurrency market structure bill, focusing instead on federal government appointments and Russian sanctions legislation. The Senate will go into recess starting August 8, but has not yet secured the votes needed to pass the bill.

The amendment unveiled by the Republican Party stipulates that federal officials, including the President and Vice President, cannot issue or sponsor digital assets for profit during their tenure. Those subject to the rule must divest their cryptocurrency holdings and related business investments or place them in a blind trust over which they have no direct control. Provisions for applying both measures were also included.

Polymarket's projection for the bill's enactment by 2026 is 32%, a 15 percentage point decrease from 47% a week ago.

[Article Summary]

-Richard Blumenthal claimed that Trump is exploiting legal loopholes and a lack of enforcement in cryptocurrency regulation.

-Blumenthal urged that the Trump family and government officials should be mandated to dispose of their cryptocurrencies.

-The probability of the U.S. cryptocurrency market structure bill being enacted by 2026 has decreased from 47% to 32%.

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