Strong political opposition against crypto law that will allow foreign regimes to finance Trump

Several Democratic senators have voiced strong opposition to crypto legislation that they say would allow political regimes in other countries to pay US President Trump for favors. In the midst of all the furor is a company called World Liberty Financial.

Genius

For months, the crypto bill seemed headed for easy passage in the U.S. Congress. The so-called Genius Act had bipartisan support, and was set to go to a vote this week. But during that meeting, Democratic senators raised concerns that the legislation would directly benefit the Trump family’s crypto company.

Their concerns stem from the fact that Trump-affiliated crypto firm World Liberty Financial recently struck a deal to receive some $2 billion in direct deposits from an Emirati investment fund which is backed by the Abu Dhabi government.

Trump’s “crypto dinner” is literally selling the power of the US president to the highest foreign bidders.

THIS IS TOTAL BRIBERY — and an unconstitutional violation of the Emoluments Clause. pic.twitter.com/IWVOq5DQqk

— Tristan Snell (@TristanSnell) May 7, 2025

Influence

“It’s a selling of influence, a conflict of interest, just a massive form of corruption we haven’t witnessed,” Senator Jeff Merkley, Democrat of Oregon, explained.

“And it needs to be ended.”

According to Senator Merkley, any regime that wishes to do so can now easily pay for influence with the Trump administration by simply making a payment in crypto to World Liberty Financial.

The US president has not yet officially responded to the allegations, but given his temper, he won’t wait too long.