Trump made many promises to Bitcoiners — Can he keep them?

California Representative Maxine Waters, ranking member of the US House Financial Services Committee, has announced plans to introduce legislation “to block [Donald] Trump’s memecoin and stop his crypto corruption.”In a May 22 notice, Rep. Waters said the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act of 2025 bill would be aimed at blocking the US President, Vice President, members of Congress, and their families from engaging in “crypto crime.” The US lawmaker referred to Trump and his wife, Melania, issuing personal memecoins in January, his family launching a stablecoin, USD1, through the crypto platform World Liberty Financial, and the president attempting to establish a national Bitcoin (BTC) reserve as his sons back a BTC mining venture.“Donald Trump is preparing to dine with the top donors of his memecoin who’ve made him, and his family, richer,” said Waters, adding: “Trump’s crypto con is not just a scam to target investors. It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder.”HR 3573, Stop TRUMP in Crypto Act of 2025, introduced by Rep. Maxine Waters. Source: House Financial Services Committee DemocratsWaters’ bill was one of many actions announced to oppose the president’s dinner to reward memecoin holders. Senators Chris Murphy and Elizabeth Warren are expected to attend a press event with representatives for the consumer advocacy group Public Citizen, and two Democratic organizations will protest at the Trump National Golf Club outside Washington, DC, where the memecoin dinner will be held.This is a developing story, and further information will be added as it becomes available.

Opinion by: Ahmad Shadid of O.xyzSemiconductors scored a rare exemption from US President Donald Trump’s aggressive reciprocal tariffs, but the relief is symbolic at best. Most semiconductors enter the US embedded in servers, GPUs, laptops, and smartphones. The finished goods remain heavily tariffed, some with duties reaching up to 49%. The exemption looks good politically but delivers little practical benefit. Nvidia’s DGX systems, crucial for training advanced AI models, do not fall under the exempted HTS codes. Nvidia could pay effective tariffs nearing 40% on these vital components. Such costs threaten to stall critical AI infrastructure projects across the country. Semiconductor tariffs may compromise the goal of the CHIPS Act. The act promised tens of billions of dollars in subsidies to support domestic chip manufacturing. Yet advanced lithography machines — key equipment from countries like the Netherlands and Japan — face 20%–24% tariffs. Ironically, tariffs designed to boost American production increase the cost of essential manufacturing equipment.The effect of new tariffs is already slowing progress in critical supply chains — just as generative AI and large language models are gaining momentum across sectors like finance and defense. Any delays or cost increases now could blunt America’s technological advantage.Indirect costs undermine exemptions for AIModern semiconductor supply chains are global and highly integrated. An exemption on raw silicon means nothing when servers, GPUs and other finished products face steep tariffs. Tariffs indirectly inflate costs, eliminating any competitive advantage from domestic manufacturing.Indirect tariff costs hit high-end systems disproportionately hard. The effect ripples through AI model training, data center expansions and major infrastructure projects, significantly slowing the industry’s momentum.Tariff impasse halts investmentSo far, it’s clear that the US president’s tariff plan didn’t follow any conventional economic trends or calculated strategy. The uncertain tariff situation stalls investment decisions across the technology sector. Companies need predictable costs to justify large capital expenditures. Ongoing tariff volatility prevents them from committing resources to new data centers and manufacturing lines.This mirrors the supply chain chaos of 2020. At that time, uncertainty caused massive order cancellations and slowed industry recovery for years. If tariff ambiguity continues, we could see similar waves of cancellations in 2025. This would further compound existing inventory and revenue issues in the semiconductor sector.Domestic production is not optimalThe border argument for these tariffs is that they’re meant to boost domestic production. They do little, however, to encourage genuine domestic semiconductor production. Despite subsidies under the CHIPS Act, most US semiconductor companies still rely on international foundries for manufacturing. Instead, they face increased equipment and operational costs.Recent: How trade wars impact stocks and cryptoThe idea that tariffs promote domestic production ignores the reality of global semiconductor manufacturing. Costs rise across the board, putting American companies at a disadvantage rather than offering protection.AI projects face heightened riskThe blockchain and crypto sectors, particularly AI-driven projects, also feel the pinch. Projects depend heavily on GPUs and high-performance servers for mining, validating transactions and running decentralized AI computations. Increased hardware costs directly affect profitability and growth, potentially stalling innovation in blockchain applications. AI developments have just started to pick up the pace in the blockchain and Web3 space. The industry saw increased interest from investors and VCs just a year ago. So, they are still on tighter budgets. Elevated costs can, however, lead to stagnation. We might see innovators and developers exiting the market. The ripple effect extends beyond the general technology sector and could threaten future digital economies. Moreover, these cost pressures disproportionately affect startups and smaller tech firms. Industry giants can absorb additional expenses, but innovative, smaller players face existential threats. This dynamic risks stifling innovation at the grassroots level, harming the entire tech ecosystem.What to expect Semiconductors have momentarily escaped direct tariffs, but the exemption provides little benefit. Tariffs continue to hit finished products, driving up indirect costs across the industry. Instead of boosting domestic manufacturing, these tariffs create economic paralysis, stall critical infrastructure projects, and threaten America’s lead in AI innovation. Policymakers must acknowledge these realities and adjust their approach before irreversible damage is done to the nation’s technological future.Opinion by: Ahmad Shadid of O.xyz.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

As the question of stablecoin regulation heats up in the US Senate, so has the issue of which members are personally invested in cryptocurrencies and cryptocurrency firms. On May 19, the Senate voted to invoke cloture and move ahead with the GENIUS Act, which would provide a regulatory framework for stablecoins. The measure passed 66-32, with 16 Democrats supporting the bill.Democratic concerns over corruption and politicians’ ties to cryptocurrency firms made the bipartisan move controversial. After the vote was finished, Colorado Senator Michael Bennet introduced the STABLE GENIUS Act. The bill would prevent members of Congress from issuing or investing in digital currency and require them to put their crypto in a blind trust while in office.Bills to prevent members of Congress from investing in companies they regulate have had little success. However, lawmakers are still required to disclose rough estimations of their, their spouse’s and their children’s investments. Here are 11 US senators who have invested in crypto firms.MontanaTim Sheehy, RepublicanTim Sheehy is a newcomer to the Senate, first securing his election in the 2024 cycle. In his campaign, Sheehy contrasted himself against his opponent, former Senator Jon Tester, stating, “Crypto represents the future of finance and the internet, and thousands of jobs for America.”Source: US SenateInvestments: According to a June 2024 filing, Sheehy has an investment between $1,001 and $15,000 in Intercontinental Exchange, which offers futures contracts on cryptocurrencies.Steve Daines, RepublicanSteve Daines has been in the US Senate for 10 years, assuming office in 2015. In recent years, he has become a proponent of the crypto industry, rubbing elbows with industry bigwigs like Bitcoin (BTC) evangelist and Strategy CEO Michael Saylor and receiving a Digital Future Award from the Crypto Council for Innovation. Daines (right) receives a crypto industry award. Source: Steve DainesInvestments: In a November 2024 filing, Daines reported selling shares in cryptocurrency-related exchange-traded funds (ETFs).They included Valkyrie Bitcoin and Ether Strategy ETF, Vaneck Bitcoin Strategy ETF, Proshares Bitcoin Strategy ETF, Bitwise Crypto Industry Innovators ETF and Proshares Bitcoin Strategy ETF.NevadaJackey Rosen, DemocratSenator Jacky Rosen is currently serving her second term in office, first getting elected to the Senate in the 2018 midterm elections. Her platform states that blockchain and crypto are “ushering in a new era for the digital economy,” stating that Washington needs to develop solid legal frameworks to keep up.Source: US SenateInvestments: According to a July 24 filing, Rosen has an investment in PayPal. The payments giant first launched its stablecoin in April 2023.Alaska Dan Sullivan, RepublicanSenator Dan Sullivan is currently in his second term, first taking office in January 2015. While not as outspoken as his colleagues about cryptocurrencies and blockchain technology, he co-sponsored the GENIUS Act and supported a joint resolution with the House of Representatives to change accounting standards for crypto companies.Source: US SenateInvestments: According to an August 2024 filing, Sullivan owns shares in BlackRock, which offers crypto-centered ETFs. OklahomaMarkwayne Mullin, RepublicanSenator Markwayne Mullin took office in January 2023 after winning a special election against Democrat Kendra Horn in 2022. Before assuming office, Mullin lauded crypto as a potential retirement investment and said his state could offer Bitcoin miners favorable terms. While in the Senate, he has supported GENIUS and the repeal of Staff Accounting Bulletin (SAB) No. 121.Source: US SenateInvestments: As of an August 2024 filing, Mullin owns shares in Intercontinental Exchange and BlackRock, while his wife owns shares of PayPal. AlabamaTommy Tuberville, RepublicanSenator Tommy Tuberville is currently serving his first term in the US Senate, first getting elected in 2020. While in office, Tuberville has come out in support of crypto. In April 2025, he introduced a bill letting Americans put crypto in their retirement funds. He has also vocally supported the establishment of a Bitcoin reserve. Source: Tommy TubervilleInvestments: According to a July 2024 filing, Tuberville has investments in PayPal. Katie Britt, RepublicanSenator Katie Britt was first elected to the Senate during the 2022 midterms. While campaigning, she accepted donations in cryptocurrency from donors. In 2024, she advocated to “Get Gensler Out” of the Securities and Exchange Commission, saying that the Biden administration was stifling innovation. Source: US SenateInvestments: Britt’s husband has common stock in crypto-friendly payments firm Block, according to a July 2024 filing.OhioBernie Moreno, RepublicanBernie Moreno is new to the Senate, securing his seat in the 2024 federal elections. While on the campaign trail and in the Senate, Moreno called for more favorable regulations for the industry. In January, he supported President Donald Trump’s “day-one” nomination of Paul Atkins to head the SEC.Source: US SenateInvestments: According to an August 2024 filing, Moreno owns between $500,000 and $1 million in shares in online trading platform eToro, which offers crypto trading services. West VirginiaShelley Capito, RepublicanSenator Shelley Capito has served in the Senate since 2015. During her tenure, she raised concerns about how cryptocurrencies could be used for terrorism financing. Her voting record is crypto-friendly; she supported both the GENIUS Act and the joint resolution to repeal SAB 121. Source: US CongressInvestments: According to a May 2024 filing, her husband had between $15,001 and $50,000 invested in BlackRock. PennsylvaniaDave McCormick, RepublicanSenator Dave McCormick, who previously served as under secretary of the treasury for international affairs under President George W. Bush, is a first-term senator, getting elected in 2024. While campaigning, McCormick boosted his state’s Bitcoin mining industry. Industry figures like Coinbase CEO Brian Armstrong have also spoken out in favor of his position on crypto. Source: US CongressInvestments: A March 2025 filing shows a number of purchases in the Bitwise Bitcoin ETF.Rhode IslandSheldon Whitehouse, DemocratSheldon Whitehouse is the senior senator of his state, serving in Congress since 2011. In the last several years, he has raised concerns over the energy consumption of Bitcoin mining, as well as the potential for Russia to use crypto to evade US sanctions. He has voted against the GENIUS Act and co-sponsored the Digital Asset Anti-Money Laundering Act of 2023, which Stand With Crypto rated as “very anti-crypto.” Source: US Congress Investments: According to an August 2024 filing, Whitehouse has investments in Tesla, Block and PayPal. All investments are between $1,001 and $15,000. This list is not exhaustive; there are plenty of companies in which lawmakers invest that are affected by cryptocurrency price movements and market effects. It also does not include any members of the House of Representatives, where crypto regulation is similarly in the works. Lawmakers will likely become more interested in investing in crypto as it becomes more mainstream and potential obstacles to congressional investments flounder and fail to move forward.