BiyaPay Analyst: US Rejects "End Crypto Corruption" Amendment, Trump Family Profits $6.2 Billion from Crypto Project

On July 3rd, the "End Crypto Corruption" amendment proposed by US Democratic Senator Merkley failed to gain approval. The original intention of this bill was to prevent elected officials from using their positions to make profits through involvement in cryptocurrency projects. However, it ultimately did not receive sufficient support in the Senate. The rejection of this bill reflects the increasingly intertwined relationship between the US political arena and the crypto market, raising concerns about political corruption and collusion. The Trump family has recently reaped profits from multiple cryptocurrency projects, amounting to approximately $620 million, which is nearly 10% of their net worth. Among them, the Trump family obtained about $390 million through the World Liberty token sale and $150 million in profits through Trump Meme Coin. Additionally, the Trump family holds a 20% stake in the crypto mining company American Bitcoin and is expected to generate more profits through a merger and listing with Gryphon Digital Mining. This event highlights the close connection between the crypto market and politics. Although the US political arena has not passed relevant regulations, other countries such as Singapore and the EU have taken measures to restrict officials from participating in crypto projects to enhance transparency. For BiyaPay users, while the rejection of this bill may not have an immediate impact on the politicization of the crypto industry, in the long run, this "gray area" may increase market uncertainty and risks. In such a market environment, BiyaPay is committed to providing users with secure and transparent cryptocurrency trading services, supporting USDT exchange with multiple fiat currencies (such as USD, EUR, etc.), and offering users zero-fee spot and contract trading, as well as US and Hong Kong stock services to help users mitigate potential market risks.