Oh, the thrill of watching billionaires play dodgeball with Congress! Zach Witkoff, the man behind World Liberty Financial—sounds like a utopian startup where everyone wears capes—has boldly told US lawmakers, “Nope, not our problem.” When asked about conflicts of interest, Witkoff’s lawyers basically said, “We’re too busy building our crypto empire to bother with your silly inquiries.” Because who needs oversight when you’ve got a shiny new coin to promote? Maybe it’s time for a new business card: “Crypto Mogul—Building Riches, Ignoring Politics.”
Senator Richard Blumenthal, a man whose job seems to be to be suspicious of everything shiny and new, especially if it’s linked to former President Trump, was not amused. He’s demanding answers about Trump’s ties to WLFI, a platform now famous for its TRUMP memecoin—because nothing screams “serious finance” like a coin with the former president’s face on it—and its upcoming dinner for top tokenholders. Bon appétit, crypto elites! Meanwhile, Congress is debating the GENIUS Act, which amusingly aims to recognize stablecoins as real “payment instruments.” Apparently, lawmakers believe that if they add “stable” to “coin,” everything will somehow become more trustworthy, like puppies in a raincoat.
Stablecoin debate heats up in Congress—because nothing says “trust” like the words ‘stable’ and ‘Trump’ together
One big worry? The USD1 stablecoin launched by WLFI in March, which was used by a fancy Abu Dhabi firm to settle a $2 billion investment with Binance. Because, naturally, everyone loves billion-dollar transactions happening in the shady shadows of the crypto world. Blumenthal warned that these ties between WLFI, Trump, and the US government are like a bad soap opera—full of “conflicts of interest” and “national security risks,” not to mention, a potential breach of the foreign emoluments clause. Basically, an American saga of money, power, and the undeniable fact that you can’t trust anyone who says “building” instead of “answering questions.”
Some Democrats, perhaps inspired by the thrill of regulation, are pushing for the GENIUS Act to make sure the president doesn’t personally profit from legislation on stablecoins—because what’s a democracy without a bit of legal loophole entertainment? But as of mid-May, the bill was still in the “we’ll see” stage. CryptoMoon, the online soothsayer of all things cryptic, tried reaching out for comment—blank. Surprise! Nothing but radio silence and the sound of the crypto world going, “We’re too busy making money to answer emails.”
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2025-05-16 22:37