Sen. Elizabeth Warren (D-Mass.) criticized President Donald Trump’s push for cryptocurrency legislation on Thursday, alleging that it serves his personal interests.
What Happened: During an interview with MSNBC, Warren said that the cryptocurrency industry wants Trump to lift the market, similar to how he was “hawking” Elon Musk’s cars at one point.
“They want Trump not just to hawk their individual product. They want his support and the Republicans in Congress’s support to build an infrastructure that will let them rake in literally billions and billions of dollars,” the senior Democrat said.
Warren stated that no elected official should be able to buy, sell and profit from cryptocurrency.
“We do need crypto regulation. There’s enough value money changing hands around us right now,” Warren remarked. “But that crypto regulation, for example, needs to have basic consumer protections.”
The lawmaker said that Trump is pushing for cryptocurrency legislation to “keep lining his own pocket” and reiterated that no laws should be passed without addressing his conflict of interest.
The White House didn’t immediately return Benzinga’s request for comment on these allegations.
See Also: Trump Media’s New ‘Crypto Blue Chip ETF’ Filing Comes With A Twist
Why It Matters: Warren’s comments come in the wake of her urging Congress to implement stricter regulations on digital assets, citing Trump’s "superhighway of crypto corruption."
Warren has stepped up her criticism of the Trump family’s involvement with the cryptocurrency industry, specifically, the Official Trump (CRYPTO: TRUMP) memecoin and the dollar-pegged stablecoin USD1.
Trump reported incomes exceeding $57 million from World Liberty Financial, the firm behind USD1, in his latest disclosure. Regarding memecoin, Trump refuted claims that he is financially benefiting from the venture.
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Photo Courtesy: Shutterstock/Sheila Fitzgerald
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
