This week, the unlocking of 90 million Trump memecoins is expected to add momentum to the discussion on cryptocurrency legislation as Republicans push forward three bills.
Unlocking of Trump Memecoins
According to multiple sources, 90 million Official Trump tokens worth over $900 million are set to be unlocked this week. This allows holders to sell the memecoin launched in January ahead of Trump's second-term inauguration. The unlock boosts the memecoin’s circulating supply by 45%, marking one of the most significant increases since 200 million tokens were available at launch on January 17.
Legislative Initiatives in Congress
On Wednesday, a majority of House lawmakers voted to reconsider a package of bills, including the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, the Anti-CBDC Surveillance Act and a crypto market structure bill called the CLARITY Act. A vote on the resolution failed in the House on Tuesday, but was reportedly revived in response to Trump pressuring several Republicans to change their votes.
Criticism of Trump and His Crypto Ventures
Trump has faced criticism from many members of Congress for his crypto ventures, including the memecoin and hosting a dinner for its top holders. California Representative Maxine Waters’ office stated that "the $TRUMP memecoin serves NO purpose" and "exists only to extract money from investors." Waters and other Democrats have proposed amendments aimed at addressing what they call "crypto corruption" facilitated by Trump and members of Congress.
The unlocking of Trump memecoins and the activation of legislative initiatives underscore the significance of the ongoing discussions around cryptocurrency regulation in the US and attract criticism regarding the motivation behind such projects.
