Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Democratic Anti-Crypto Legislation Ignites Partisan Clash Over Connections to Trump

Democratic Anti-Crypto Legislation Ignites Partisan Clash Over Connections to Trump

Bitget-RWA2025/11/01 11:20
By:Bitget-RWA

- U.S. Democrats, led by Rep. Ro Khanna, introduced a bill to ban elected officials from crypto/NFTs and mandate asset disclosure, targeting Trump’s pro-crypto ventures. - The bill accuses Trump’s family of leveraging their influence to promote unregulated crypto projects, citing World Liberty Financial’s ties to Binance’s Zhao. - Partisan clashes intensify as Trump pardoned Zhao, boosting BNB/BNB, while New Hampshire’s crypto mining deregulation stalled over environmental concerns. - Senator Warren critic

Democratic lawmakers in the United States have put forward a

designed to limit the reach of digital currencies among government officials and their relatives. Opponents claim the legislation is a direct attack on President Donald and his crypto-related activities. Spearheaded by Representative Ro Khanna (D-Calif.), the bill would bar public officials from participating in cryptocurrencies, memecoins, stablecoins, NFTs, and decentralized finance (DeFi) platforms during their tenure. It also requires that officials place their digital holdings in "blind trusts" both while in office and after, and demands complete transparency for all crypto dealings.

Democratic Anti-Crypto Legislation Ignites Partisan Clash Over Connections to Trump image 0

Khanna, who has openly criticized Trump's involvement with crypto, claims the measure is meant to prevent conflicts of interest and unethical financial gains. "No one should use public office for personal enrichment," he said, referencing the Trump family's participation in ventures such as

(WLFI), a digital asset project associated with Binance founder Changpeng Zhao. The legislation also accuses the Trump family of using their influence to endorse a "murky and mostly unregulated network" of crypto businesses.

This initiative is part of a larger Democratic push to reverse Trump-era crypto-friendly policies. Just last month, Trump granted a pardon to Zhao, who had admitted guilt in anti-money laundering cases—a decision Khanna denounced as "outright corruption." The White House justified the pardon, saying it ended the Biden administration's "anti-crypto war" and reestablished American leadership in technological innovation. "The previous administration's extreme stance harmed the nation's reputation worldwide," said White House spokesperson Karoline Leavitt.

Although the bill is expected to face significant resistance in the Republican-controlled House, it highlights the growing partisan conflict over digital asset regulation. In a related development, Trump's pick to lead the Commodity Futures Trading Commission (CFTC),

, a lawyer supportive of crypto, has vowed to focus on digital assets, suggesting a possible move toward more industry-friendly rules.

The Democratic initiative comes as crypto-focused legislation gains momentum in other states. In New Hampshire,

was halted following public concern about environmental consequences. House Bill 639, introduced by Republican Rep. Keith Ammon, aimed to prevent local governments from limiting mining operations and to establish a court docket dedicated to blockchain issues. However, a Senate committee voted 4–2 to send the bill for further review due to worries about energy use.

At the same time, the discussion over including crypto in retirement accounts has intensified. Senator Elizabeth Warren (D-Mass.)

that permitted 401(k) plans to invest in cryptocurrencies, labeling them "shadowy markets" that lack adequate protections. "We can't allow Wall Street to risk Americans' retirement savings," she posted on X, echoing bipartisan apprehensions about safeguarding investors.

Khanna's proposal also ties into ongoing debates in Congress about openness. He has teamed up with Republican Rep. Thomas Massie to push a discharge petition that would force a vote on making classified Jeffrey Epstein documents public,

, comparing it to the accountability measures taken in the U.K. after Prince Andrew lost his royal title. "Wealthy and influential men in America enjoy protections that go beyond those of British royalty," Massie wrote on X, drawing connections between Epstein-related crypto circles and political immunity.

With the 2026 elections drawing near, cryptocurrency regulation is becoming a central issue. Following Trump's pardon of Zhao, Binance's BNB token

surged by 8%, also boosting WLFI's market value. Critics caution that this could open the door to foreign interference and regulatory capture. "This is not about party politics—it's about fairness and openness," Khanna emphasized, presenting the bill as a response to what he described as a "culture of impunity" among the powerful.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitcoin News Today: Bitcoin's Lightning Network Sets Its Sights on Surpassing SWIFT and Visa in Worldwide Transactions

- David Marcus, ex-PayPal executive and Lightspark CEO, argues Bitcoin's Lightning Network could process trillions in daily transactions, surpassing SWIFT and Visa in volume and efficiency. - The Lightning Network's capacity has grown 3,000% since 2025, with 20,000+ nodes enabling millions of instant, low-cost transactions per second through Layer-2 infrastructure. - Institutional adoption is accelerating, with $60B+ in Bitcoin ETF inflows and companies like MicroStrategy holding Bitcoin, while stablecoins

Bitget-RWA2025/11/02 01:44
Bitcoin News Today: Bitcoin's Lightning Network Sets Its Sights on Surpassing SWIFT and Visa in Worldwide Transactions

Bitcoin News Today: The Evolution of Bitcoin's Market: From Speculation to Practical Financial Use

- Bitcoin's future sparks debate as leaders like Saylor predict $20M/BTC by 2045, while Kiyosaki forecasts $200K by 2025 amid market volatility. - Tesla's $1.3B BTC holdings contrast with SpaceX's $400M transfer, hinting at strategic reallocation ahead of potential market corrections. - SoFi and Lightspark launch Bitcoin-powered international transfers via Lightning Network, expanding crypto's financial utility in cross-border payments. - Global adoption grows with Venezuela's blockchain interbank system a

Bitget-RWA2025/11/02 01:30
Bitcoin News Today: The Evolution of Bitcoin's Market: From Speculation to Practical Financial Use

Bitcoin Updates Today: Kiyosaki’s Wager on Bitcoin: Reassessing Investment Strategies Amid Declining Fiat Supremacy

- Robert Kiyosaki predicts a November 2025 global financial crash, urging investors to shift to Bitcoin and gold as inflationary fiat systems erode trust. - He criticizes traditional 60/40 portfolios and highlights Bitcoin's scarcity and institutional adoption as a "digital gold" alternative amid rising national debt. - Michael Saylor of MicroStrategy supports Bitcoin's long-term potential, forecasting $150,000 by year-end and $1 million per coin within a decade. - Market data shows declining exchange bala

Bitget-RWA2025/11/02 01:10
Bitcoin Updates Today: Kiyosaki’s Wager on Bitcoin: Reassessing Investment Strategies Amid Declining Fiat Supremacy

Public-private collaboration against crypto crime halts $300M, demonstrating that technology and cooperation can disrupt illegal activities

- T3 FCU froze $300M in criminal assets since 2024, aiding 23 jurisdictions including Brazil’s Operation Lusocoin. - Europol warns crypto crime grows complex with privacy coins and layering techniques, totaling $40.9B in 2024 illicit flows. - Public-private partnerships like T3 FCU’s AI-driven analytics and Europol’s SIENA system aim to preempt illicit crypto activity. - Experts stress standardized blockchain tools and cross-border training to address inconsistent methodologies in crypto crime investigatio

Bitget-RWA2025/11/02 01:10