U.S. politicians are actively working to deliver digital asset legislation to President Donald Trump’s desk, even as his personal crypto ventures appear to have found a new gear for growth. This dual narrative of accelerating legislative clarity and expanding private financial interests creates a complex and often controversial landscape. As Congress focuses on key spending bills, the strategy for passing stablecoin and market structure legislation is becoming clearer, though not without significant political maneuvering and ethical debates surrounding the President’s burgeoning crypto empire.
Legislative Timeline Firms Up Amidst Political Scrutiny
The path for U.S. digital asset legislation is gaining clarity, with Senators Tim Scott (R-SC) and Cynthia Lummis (R-WY) outlining a firm timeline for comprehensive crypto market structure bills. Following a ‘fireside chat’ with White House AI and crypto adviser Bo Hines, the Senate aims to release a market structure draft bill before the August recess and mark it up in September. This commitment, echoed by Scott, targets completion by September 30, signaling a concerted effort to provide long-awaited regulatory clarity.
Trump’s Crypto Ventures Accelerate Growth
President Donald Trump’s crypto ventures are experiencing a new phase of expansion. His decentralized finance (DeFi) project, World Liberty Financial (WLF), despite the Trump family quietly reducing its stake, is set to launch a mobile app. This Web2-style fintech application aims to simplify crypto earning and transfers for non-native crypto users. Furthermore, WLF’s WLFI governance token, previously untradable, is also slated for a major shakeup, with “big news coming soon” regarding its transferability.
USD1 Stablecoin Achieves Significant Milestones
WLF’s stablecoin, USD1, is making notable strides in the market. A partnership with Re7 Labs aims to launch a USD1 stablecoin ‘vault’ on Euler and Lista lending/staking platforms, expanding its presence on Binance’s BNB Chain. USD1 recently hit a 24-hour trading volume of $3.37 billion, remarkably outpacing USDC’s volume and signaling significant activity. Additionally, the first third-party report by Crowe LLP affirmed that USD1’s $2.1 billion in issued tokens were fully backed by government money market funds, providing a layer of transparency.
American Bitcoin Corp Secures Major Funding
Another significant development in Trump’s crypto portfolio is American Bitcoin Corp (ABTC), a block reward mining and crypto ‘treasury’ outfit formed in partnership with Eric Trump, Donald Trump Jr., and miner Hut 8. ABTC recently secured over $220 million in a private placement, with $10 million paid in Bitcoin. The company plans to use these proceeds to fund its strategic Bitcoin accumulation goals and potentially acquire more mining rigs, building on its initial acquisition of 215 BTC.
Ethical Concerns and Persistent Political Pushback
The growth of Trump’s crypto ventures continues to fuel intense ethical concerns among Democratic lawmakers. Repeated attempts to attach amendments limiting Trump’s ability to profit from his family’s crypto ventures have been blocked. When directly questioned about his ventures potentially hindering legislative progress, Trump dodged the query, instead emphasizing his role in building a “very important industry” and asserting that industry creation is “much more important than anything that we invest in.”
House and Senate Grapple with Legislative Strategy
Despite the shared goal of passing crypto legislation, the House and Senate are grappling with dueling strategies. The Senate has passed its stablecoin bill (GENIUS), while the House has its own version (STABLE) and has advanced its market structure bill (CLARITY) through committees. House leaders previously favored bundling stablecoin and market structure legislation, but recent reports suggest a shift towards advancing GENIUS and CLARITY separately, potentially through a single procedural vote, aiming to get GENIUS to Trump’s desk sooner.
Broader Implications and Future Outlook
The firming up of US crypto legislation, coupled with the rapid expansion of Trump’s digital asset endeavors, signals a pivotal moment for the industry. Beyond WLF and ABTC, Trump Media & Technology Group (TMTG) has applied for a second crypto-focused ETF, a hybrid of BTC and ETH, requiring SEC rule changes. This confluence of political will and private enterprise growth suggests a future where crypto is more deeply integrated into the US financial and political landscape, albeit under intense scrutiny and ongoing debates about regulatory fairness and conflicts of interest.
