U.S. Senate Rejects Amendment to Ban Crypto Profiteering by Officials

According to BlockBeats, the amendment proposed by U.S. Democratic Senator Jeff Merkley, aimed at prohibiting elected officials from profiting through involvement in cryptocurrency projects, failed to pass in the Senate. This rejection highlights the increasingly close relationship between U.S. politics and the crypto market, raising concerns about political corruption and collusion. U.S. President Donald Trump's family has recently profited approximately $620 million from various cryptocurrency projects, accounting for nearly 10% of their net worth. The Trump family earned around $390 million from World Liberty token sales and $150 million from Trump Meme coin. Additionally, they hold a 20% stake in the crypto mining company American Bitcoin, with expectations of further gains through a merger with Gryphon Digital Mining. This situation underscores the tight connection between the crypto market and politics. While the U.S. political sphere has not implemented related regulations, other countries like Singapore and the European Union have taken steps to limit officials' involvement in crypto projects, enhancing transparency. For BiyaPay users, the amendment's rejection may not immediately impact the politicization of the crypto industry, but in the long term, this "gray area" could increase market uncertainty and risk. In this environment, BiyaPay is committed to providing users with secure and transparent digital currency trading services, supporting USDT and multiple fiat currencies exchanges, and offering zero-fee spot and contract trading, along with U.S. and Hong Kong stock services, to help users mitigate potential market risks.