The new Cryptocurrency Bill, just introduced by 20 Senate Democrats, aims to limit cryptocurrency approvals among top government officials and their families. The legislative effort, officially named the “Final Crypto Corruption Act of 2025,” was filed on May 7th due to increased scrutiny of potential conflicts of interest in the highest level of US government, particularly involving President Trump and Elon Musk.
No code approval, risks for influencers, and silence
Key provisions of the new anti-cryptography bill
The proposed cryptocurrency regulations bill, led by Senators Jeff Merkley and Chuck Schumer, targets a variety of senior officials, including the president, vice president, members of Congress and executive appointees. The bill extends these restrictions to spouses and dependents, and is getting older as they are in office and have passed since leaving their position.
Senator Jeff Markley said:
“Now those who want to develop influence with the President can personally enrich him by purchasing cryptocurrencies he owns or controls. This is a very corrupt scheme. It puts our national security at risk and erodes the public’s trust in the government.”
Those found in violation of this new cryptography bill could suffer from penalties or severe penalties of being sent to prison. But now, the bill still allows authorities and their families to carry out their regular sales business. The enactment of this law is a response to the limelight surrounding the possible revenues of memocoin transactions between President Trump and his wife.
Trump Mask Connection Under Crypto Influencer Prohibitions
The current discussion is to appoint Elon Musk as a special employee to the government of Doge. To counter the speculation, Musk revealed that Doge has no plans to use Shiba Inu-themed Memecoin for the future.
The new Crypto-Prohibition Bill creates uncertainty about whether President Trump’s position as “the prime minister’s advocate” for World Liberty Financial falls within the scope of this Crypto-Influencer ban. The company is reportedly associated with its son and other officials, promoting digital assets, including WLD1 Stablecoins.
Senate Democratic leader Chuck Schumer said:
“Our democracy should not be sold.”
Senate Democrats have expressed serious concern about the $2 billion deal involving WLD1 between crypto exchange vinance and the Abu Dhabi-based investment company. These developments have amplified the demand for strict US crypto-repression of government officials on cryptocurrency-related activities.
The Stablecoin Act stalls amid new anti-cryptography bill
The introduction of a cryptographic approval ban occurs amid a broader debate over Washington’s digital asset policy. Another legislative effort, known as “a genius act,” did not pass a procedural vote in the Senate on May 8th.
Senator Mark Kelly, who supported the new anti-cryptometric bill, said:
“Trump has won his presidency and has earned millions of people from his own crypto coins. This is widespread sunshine corruption. I support this bill and support the illegality of the president and other government officials to make profits from crypto assets.”
Despite widespread support from both political parties and attempts to add a money laundering anti-moneying amendment, the Stubcoin bill failed to win enough votes to advance on the Senate floor. Treasury Secretary Scott Bescent called for a “missed opportunity” and a failed vote to increase US hegemony over digital assets.
The world needs American leadership for Stablecoins and other digital assets to flourish globally.
The Senate missed the opportunity to offer its leadership today by failing to proceed with the act of genius.
The bill represents a generational opportunity to expand the dollar…
– Treasury Secretary Scott Bescent (@secscottbessent) May 8, 2025
Sen. Lisa Blunt Rochester, who actually retracted her support for the act of genius, explained:
“I am also concerned about the ongoing self-dealing and financial conflicts by the Trump family.”
The Crypto Regulation Bill is ongoing, but Stubcoin’s law is lagging behind, which unadjusted the overall situation of digital asset regulations. The Cryptofluencer ban covers conflicts of interest as the US already implements a broader anti-crypto-wide sweep.
