Democrat – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Sat, 31 May 2025 02:57:12 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 Democrat – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Trump's Memecoin Dinner Questioned by Top Democrat on House Judiciary Committee https://earlybirdsinvest.com/trumps-memecoin-dinner-questioned-by-top-democrat-on-house-judiciary-committee/ https://earlybirdsinvest.com/trumps-memecoin-dinner-questioned-by-top-democrat-on-house-judiciary-committee/#respond Sat, 31 May 2025 02:57:12 +0000 https://earlybirdsinvest.com/trumps-memecoin-dinner-questioned-by-top-democrat-on-house-judiciary-committee/

A senior Democrat in the House of Representatives, Jamie Raskin, joined his name to lawmakers seeking answers about President Donald Trump’s recent dinner for top investors in his memecoin, sending questions directly to Trump.

Raskin, the ranking Democrat on the House Judiciary Committee, has been a vocal critic of the president and becomes the latest of many from his party to probe details about the event, which they’ve called out as evidence of White House corruption. Because Raskin is in the minority party, his demands are unlikely to lead to further congressional action unless they regain the House or Senate in next year’s elections.

“I write today to demand that you release the names of all the attendees at this dinner and provide information about the source of the money they each used to buy $TRUMP coins, so that we can prevent illegal foreign government emoluments from being pocketed without congressional consent,” Raskin wrote this week to the president, joining many counterparts in the Senate in seeking the information, including Senators Elizabeth Warren, Chris Murphy and Richard Blumenthal.

“We deserve to know who is paying for access to our president, and what steps you took to ensure that the funds you receive are legitimate and legal, rather than the proceeds from foreign states or monarchs or illegal activities,” Rasking said, specifically highlighting Tron founder Justin Sun, a guest who was a major early investor in Trump’s family crypto operations.

Read More: Democrats Threaten Lawsuits, Join Protests Ahead of Trump Memecoin Dinner

]]> https://earlybirdsinvest.com/trumps-memecoin-dinner-questioned-by-top-democrat-on-house-judiciary-committee/feed/ 0 39272 US Senate Advances GENIUS Stablecoin Legislation Despite Democrat Opposition https://earlybirdsinvest.com/us-senate-advances-genius-stablecoin-legislation-despite-democrat-opposition/ https://earlybirdsinvest.com/us-senate-advances-genius-stablecoin-legislation-despite-democrat-opposition/#respond Wed, 21 May 2025 05:49:14 +0000 https://earlybirdsinvest.com/us-senate-advances-genius-stablecoin-legislation-despite-democrat-opposition/

The U.S. Senate voted Monday to advance the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), a bill aimed at regulating stablecoins, following a 66-32 procedural vote.

The legislation, introduced by Sen. Bill Hagerty (R-Tenn.), seeks to establish a federal framework for stablecoin issuers, requiring full asset backing, monthly reserve disclosures, and annual audits for issuers exceeding $50 billion in market capitalization.

The bill also restricts algorithmic stablecoins and prohibits large technology firms from issuing stablecoins unless they meet financial risk and consumer privacy criteria.

The vote comes two weeks after Senate Democrats blocked the measure, citing concerns over consumer protections and potential conflicts of interest related to President Donald Trump’s cryptocurrency ventures.

“The bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don’t meet the act’s requirements.”

Several Democratic senators later changed their stance, allowing the bill to proceed to debate on the Senate floor.

The GENIUS Act is expected to face further amendments before a final vote, which could take place as early as the end of the week. If enacted, the bill would mark the first federal regulatory framework for stablecoins, a sector currently valued at nearly $250 billion.

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]]> https://earlybirdsinvest.com/us-senate-advances-genius-stablecoin-legislation-despite-democrat-opposition/feed/ 0 37425 Senate Democrat Says He's Looking Into Trump's Crypto Businesses https://earlybirdsinvest.com/senate-democrat-says-hes-looking-into-trumps-crypto-businesses/ https://earlybirdsinvest.com/senate-democrat-says-hes-looking-into-trumps-crypto-businesses/#respond Wed, 07 May 2025 00:47:20 +0000 https://earlybirdsinvest.com/senate-democrat-says-hes-looking-into-trumps-crypto-businesses/

The leading Senate Democrat on a panel tasked with investigating corruption and mismanagement is scrutinizing U.S. President Donald Trump’s recent crypto activities and whether they’re part of a “pay-to-play scheme to provide access to the Presidency to the highest bidder.”

Richard Blumenthal, the ranking Democrat on the Senate Permanent Subcommittee on Investigations — a panel housed within the Committee on Homeland Security and Government Affairs — wrote letters to Bill Zanker of Fight Fight Fight LLC and Zach Witkoff, a co-founder of World Liberty Financial on Tuesday, asking them a series of questions about the ownership and investment structure for Trump-affiliated entities, including Fight Fight Fight LLC (the company behind the TRUMP memecoin), CIC Digital LLC (which issued Trump’s NFTs and co-owns Fight Fight Fight), Celebration Cards LLC (another entity affiliated with Trump’s NFTs) and DTTM Operations LLC (which manages Trump’s IP rights), as well as World Liberty Financial and its affiliated entities.

“The Permanent Subcommittee on Investigations is conducting a preliminary inquiry into potential conflicts of interest and violations of the law from President Trump’s cryptocurrency ventures … and associated businesses’ financial dealings with foreign nationals, foreign governments and other cryptocurrency firms,” the letters both said, with one pointing to World Liberty Financial and the other to the $TRUMP memecoin.

The letters went on to say that the businesses “may be enabling the violation of government ethics requirements,” before posing a number of questions for the companies’ respective executives.

These questions include asking how the companies identify or block investments from foreign governments, how much revenue they’ve generated and whether individuals facing prosecution or investigations can participate.

The letters also ask the executives to produce records tied to the Trump-affiliated crypto businesses.

Because Democrats are currently the minority party in the Senate, Blumenthal does not have subpoena power unless his Republican counterpart, Sen. Ron Johnson, also signs on. A spokesperson for Johnson did not immediately return a request for comment.

Democrats have sounded the alarm over Trump’s crypto businesses in recent days. Earlier Tuesday, Rep. Maxine Waters, who leads her party on the House Financial Services Committee, objected to a joint hearing with the House Agriculture Committee to address market structure legislation and instead hosted her own hearing focused on these crypto tie-ups.

A weekend statement from Sen. Ruben Gallego and a handful of other Democrats saying the lawmakers would not vote for the Senate’s stablecoin bill also seems to stem from Trump’s crypto ties — in particular the announcement by Eric Trump that Abu Dhabi-based investment firm MGX would use the Trump-affiliated USD1 stablecoin to close a $2 billion investment into Binance.

Sen. Chris Murphy also introduced a bill Tuesday which would ban the U.S. president and other senior government officials from issuing memecoins or other financial assets.

]]> https://earlybirdsinvest.com/senate-democrat-says-hes-looking-into-trumps-crypto-businesses/feed/ 0 34792 Democrat Senator Calls for President Trump’s Impeachment for Allegedly Using Memecoin To Grant Audiences: Report https://earlybirdsinvest.com/democrat-senator-calls-for-president-trumps-impeachment-for-allegedly-using-memecoin-to-grant-audiences-report/ https://earlybirdsinvest.com/democrat-senator-calls-for-president-trumps-impeachment-for-allegedly-using-memecoin-to-grant-audiences-report/#respond Mon, 28 Apr 2025 19:49:03 +0000 https://earlybirdsinvest.com/democrat-senator-calls-for-president-trumps-impeachment-for-allegedly-using-memecoin-to-grant-audiences-report/

Democrat Senator Jon Ossoff of Georgia is reportedly calling for Donald Trump’s impeachment, alleging that the president leveraged his memecoin to meet with certain people.

According to a new report by CNBC, Ossoff told attendees at a town hall that Trump has already met the standard to face impeachment, but told them such a move would not be possible without Democrats controlling the U.S. House of Representatives.

Ossoff says that Trump offering a seat at the dinner table to the top holders of his official meme asset as a means of gaining an audience is an impeachable action.

As stated by Ossoff,

“I saw just 48 hours ago, [Trump] is granting audiences to people who buy his meme coin. When the sitting president of the United States is selling access for what are effectively payments directly to him, there is no question that that rises to the level of an impeachable offense.”

Last week, it was announced that the top 220 holders of the Official Trump (TRUMP) memecoin would be invited to an exclusive Gala dinner event with the president on May 22nd at his private national golf club.

Ossoff says another impeachable offense by Trump was when he allegedly ignored court rulings, though Ossoff did not mention any specific cases. However, Trump was recently accused of ignoring a Supreme Court after it ruled he must facilitate the return of a man deported to El Salvador.

Other Democrat congressmen who have recently called for the President to be impeached include Representative Al Green of Texas and Representative Shri Thanedar of Michigan, according to the report.

For a sitting President to be impeached, the majority of the House and two-thirds of the Senate would have to vote for it.

TRUMP is trading for $14.79 at time of writing, a 4.4% decrease on the day.

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]]> https://earlybirdsinvest.com/democrat-senator-calls-for-president-trumps-impeachment-for-allegedly-using-memecoin-to-grant-audiences-report/feed/ 0 33311 Democrat lawmaker calls on Treasury to abandon Trump’s Bitcoin reserve plans https://earlybirdsinvest.com/democrat-lawmaker-calls-on-treasury-to-abandon-trumps-bitcoin-reserve-plans/ https://earlybirdsinvest.com/democrat-lawmaker-calls-on-treasury-to-abandon-trumps-bitcoin-reserve-plans/#respond Sat, 15 Mar 2025 07:06:44 +0000 https://earlybirdsinvest.com/democrat-lawmaker-calls-on-treasury-to-abandon-trumps-bitcoin-reserve-plans/

Rep. Gerald E. Connolly, the Ranking Member of the House Oversight and Government Reform Committee, urged the US Treasury Department to abandon plans to establish a strategic Bitcoin reserve and the digital asset stockpile.

In a letter to Treasury Secretary Scott Bessent, Connolly condemned the effort as fiscally irresponsible and politically motivated. He warned that the initiative would serve no clear public benefit while significantly enriching President Donald Trump and his allies.

Trump’s executive order

Connolly’s concerns stem from Trump’s March 6 executive order establishing the Strategic Bitcoin Reserve and US Digital Asset Stockpile, which builds on a broader January 23 directive, “Strengthening American Leadership in Digital Financial Technology.”

The initiative would position the federal government as a major holder of Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). Trump has called the move a way to cement US dominance in digital assets.

Connolly noted Trump’s sharp change in stance on crypto, highlighting that he had previously dismissed digital assets as a “scam” during his first term.

However, his administration is now preparing to allocate federal funds to the sector — an approach Connolly criticized as an attempt to manipulate financial markets for political and personal gain.

He argued that the move amounts to picking winners among digital currencies and creating artificial demand for assets that Trump has financial exposure to.

Conflicts of Interest

The Ranking Member outlined several potential conflicts of interest, including Trump’s reported stake in World Liberty Financial, a digital asset firm that aims to function as a crypto-based lending and investment platform.

Connolly warned that government purchases of crypto could directly benefit Trump’s financial holdings, particularly if the administration prioritizes assets that align with his private investments.

He also pointed to Trump’s involvement in the $TRUMP memecoin, which has surged in value based on speculation surrounding his political statements.

He pointed to reports that entities linked to Trump have generated over $100 million in trading fees from the token, raising concerns that the administration’s crypto initiatives could further drive financial speculation tied to the president.

Lack of Congressional oversight

Connolly also criticized the administration for bypassing Congress in its push to create the reserve, arguing that Trump had not sought legislative authorization nor engaged in consultation with lawmakers about the reserve’s potential risks or benefits.

He warned that without congressional oversight, the initiative could become a tool for political influence rather than a legitimate financial strategy.

He also referenced skepticism from financial experts, citing a Federal Reserve official who reportedly described the plan as “the dumbest idea” ever.

Connolly urged the Treasury Department to immediately halt all plans related to the strategic crypto reserve. He requested a full briefing for House Oversight Committee staff by March 27 and sought clarity on the reserve’s legal justification.

He also requested clarity regarding the process for acquiring and managing the assets, the potential impact on crypto markets, and any financial ties between the White House and digital asset firms.

The Treasury Department has not yet responded to Connolly’s request. His letter signals growing opposition from congressional Democrats, who are increasingly scrutinizing Trump’s expanding involvement in the digital asset industry.

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