U.S. Lawmakers Call on Trump to Abandon Cryptocurrency Over National Concerns
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A group of U.S. legislators, including Senators Elizabeth Warren, Richard Blumenthal, Jeffrey A. Merkley, and Chris Van Hollen, alongside Representative Jamie Raskin, have formally urged President Donald Trump to distance himself from cryptocurrency. In a letter addressed to White House Chief of Staff Susie Wiles on March 17, they expressed apprehension regarding Trump’s expanding financial involvement in digital assets.
The lawmakers emphasized Trump’s evolving stance on cryptocurrency, noting his shift from previously labeling it a “scam” to actively fostering what they termed a “crypto army.” Their concerns were fueled by reports of Trump’s TRUMP meme coin, which allegedly generated nearly $100 million in trading fees for his family and associates within just two weeks. The letter also scrutinized his company’s role in the sector, specifically citing World Liberty Financial.
Beyond financial implications, the legislators raised red flags about potential foreign influence within the cryptocurrency industry. They also voiced concerns over Commerce Secretary Howard Lutnick’s deep financial entanglements in crypto, warning that both Trump and Lutnick could undermine regulatory efforts. They cautioned that unchecked crypto markets exhibit signs of instability, posing risks reminiscent of past financial crises.
Lawmakers Raise Alarms Over Elon Musk’s Expanding Influence in Government
Senators and Representative Jamie Raskin have voiced concerns about Tesla CEO Elon Musk’s increasing sway over federal affairs, which they attribute to President Donald Trump’s newly established Department of Government Efficiency (DOGE). In a recent statement, they warned that Trump has effectively transferred significant authority to Musk, the world’s wealthiest individual, who stands to gain from DOGE’s alleged efforts to dismantle key executive agencies.
The legislators assert that at least 11 federal agencies previously involved in investigations, enforcement actions, or pending complaints against Musk’s businesses have been systematically weakened, effectively allowing him to evade scrutiny while reaping financial benefits. Among their chief concerns is a reported shift in a $2.4 billion Federal Aviation Administration (FAA) contract, which was initially expected to go to Verizon but may now be awarded to Musk’s Starlink—raising alarms about favoritism and regulatory erosion.
Calling for immediate intervention, the lawmakers underscored the gravity of these ethical dilemmas, stating that such conflicts of interest have direct consequences for American citizens. They criticized Trump and Musk for their apparent financial entanglements, warning that taxpayer funds could be funneled into personal ventures at the expense of workers Trump has vowed to support. To address these concerns, they demand that Trump divest from his private business dealings, as past presidents have done, and insist that Musk promptly disclose his financial records to ensure transparency regarding any potential conflicts.
Lawmakers Urge Trump to Prioritize National Interests Over Personal Gains
In their final appeal for immediate action, the lawmakers stressed:
“There is still time for President Trump to change course and place the nation’s interests above his financial pursuits.”
The letter calls on the White House to provide a formal response by March 31, detailing its approach to addressing these concerns.
However, Trump and Musk’s supporters push back against these criticisms, arguing that their initiatives in cryptocurrency and deregulation are catalysts for innovation, economic expansion, and reduced government interference.
Trump’s advocacy for digital assets has garnered strong backing from crypto enthusiasts who view his policies as a pathway to financial autonomy and decentralized markets. Similarly, Musk’s growing presence in federal affairs is seen by some as a necessary challenge to bureaucratic inefficiencies, with proponents of DOGE’s reforms asserting that these changes will enhance, rather than dismantle, government functionality.
