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accountable.us
How GOP's Crypto Bills Would Benefit Trump and His Family
Passing any bill that lets the president "enrich himself from deeper in the shadows is a recipe for American workers getting sold out to the highest bidder," warned the head of Accountable.US.
Jul 17, 2025
A new analysis details precisely how a slate of proposed cryptocurrency bills making their way through Congress this week, if passed, will enrich U.S. President Donald Trump and members of his family who are heavily invested in the crypto markets.
Republican leaders in the House of Representatives continued their fight to pass the GOP's cryptocurrency bills on Thursday, despite warnings from Democratic lawmakers and advocacy groups that the legislation would personally benefit Trump.
As right-wing hard-liners on Wednesday thwarted Trump and House Speaker Mike Johnson's (R-La.) effort to advance the trio of bills, the watchdog Accountable.US released an analysis highlighting how the industry-backed package would "bolster Trump's business empire while putting American interests at risk."
The bills that the House is considering during "Crypto Week" are:
- the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which would create a regulatory framework for a type of cryptocurrency called stablecoin, and passed the Senate 68-30 last month;
- the Digital Asset Market Clarity (CLARITY) Act, which would create a regulatory framework for digital asset markets; and
- the Anti-CBDC Surveillance State Act, which would prevent the Federal Reserve from issuing a central bank digital currency (CBDC).
The Accountable analysis focuses on the first two bills. The group's executive director, Tony Carrk, said in a statement that "the so-called GENIUS and CLARITY acts ironically do nothing to lift the cloak of mystery and unaccountability that shrouds the Trump family crypto interests around the world, leaving American interests at high risk."
"The president has already demonstrated he'll seemingly take money from anyone, even possible criminal elements and foreign adversaries," he noted. "So to pass a bill that lets Trump... enrich himself from deeper in the shadows is a recipe for American workers getting sold out to the highest bidder. The real clarity we have about this president is he fights to give his billionaire buddies a tax break and profit from his office while betraying the working Americans he claims to represent."
The CLARITY Act would "significantly" limit the regulatory role of the U.S. Securities and Exchange Commission (SEC), "which already has been severely weakened under Trump and has oversight over many Trump crypto products," the analysis details. It would also "put the less robust Commodity Futures Trading Commission (CFTC) 'at the center' of digital asset regulation."
According to Accountable:
- Trump Media & Technology Group Corp., which has made a "fast and furious" move into Bitcoin and other cryptocurrencies, disclosed to the SEC that, "if Bitcoin is determined to constitute a security"—which it likely would not be under the CLARITY Act—it could "adversely affect" Bitcoin's price and the price of Trump Media's offerings.
- World Liberty Financial Inc. (WLFI) has disclosed to the SEC that its token sales to "non-U.S. persons" were not believed to be an issuance of securities subject to SEC oversight. In the same SEC filing, it disclosed President Trump as a WLFI "promoter," but curiously claimed he was not actually a promoter for federal Securities Act purposes. Under the CLARITY Act, WLFI could enjoy lighter regulation by the CFTC as a digital commodities platform—or, it could be "subject to almost no federal oversight" as a decentralized finance (DeFi) platform run on automatic protocols, according to Wall Street watchdog Americans for Financial Reform.
- Just weeks after the $TRUMP and $MELANIA meme coins launched, the Trump SEC stated that meme coins are not subject to federal securities law, with one dissenting SEC commissioner calling the guidance "a roadmap for crypto enterprises looking to evade oversight by labeling themselves as a meme coin." Sen. Elizabeth Warren (D-Mass.), ranking member of the Senate Banking Committee, said the SEC was shortchanging average retail investors while helping "the president's bottom line." The CLARITY Act would likely shield Trump's meme coins even further from SEC oversight.
A coalition of over 80 groups—including Accountable.US, Americans for Financial Reform, and Demand Progress—wrote to Johnson and House Minority Leader Hakeem Jeffries (D-N.Y.) on Tuesday that the CLARITY Act "creates loopholes or confusing legal questions that crypto and non-crypto firms will exploit in order to evade existing regulatory standards, causing more damage."
"The legislation gives the shady practices and endemic fraud in the crypto industry a government imprimatur without adequate guardrails to protect investors and the financial system and unleashes and rewards the administration's crypto corruption," the coalition warned, urging members of the chamber to vote against the bil.
Meanwhile, the GENIUS Act would let banks and private entities issue stablecoins—which are pegged to the value of existing assets such as the U.S. dollar—with "light oversight" and could "enable corruption, screw over taxpayers, and potentially destabilize the economy," warns Accountable's new report.
The publication points out that the Trump family's WLFI has launched its own "USD1" stablecoin, which was used in a $2 billion transaction between MGX, a fund backed by the United Arab Emirates, and the crypto exchange Binance, "just weeks before the Trump administration dropped a securities case" against Binance and its founder, Changpeng Zhao.
WLFI also announced on social media Wednesday that investors in its token voted to make the crypto tradable on public exchanges. Sludge reported that "the decision could boost the token's price and directly benefit President Trump and his family, who hold billions of the tokens and have already reaped hundreds of millions from its early sales."
Warren, the report notes, has warned that the GENIUS Act would "create a superhighway for Donald Trump's corruption."
They’re calling it the GENIUS Act—but @repmaxinewaters.bsky.social isn’t buying it.She lays it out: Trump’s billionaire donors get richer, 17 million Americans lose health care, and now Congress wants to bless digital money that benefits his inner circle.
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— Accountable.US (@accountable.us) July 17, 2025 at 12:35 PM
After a handful of hard-line Republicans tanked a procedural vote on the crypto package Tuesday, Trump hosted a meeting at the White House and later announced a deal had been reached to pass the legislation.
However, when Wednesday came, "committee chairs pushed back at hard-liners' demands to attach a central bank digital currency ban" to the CLARITY Act, Politico reported. "The impasse kept the House rule vote open for nine hours until GOP leaders finally cut a late-night deal to include a CBDC ban in the National Defense Authorization Act."
Now, Johnson has to juggle the defense and crypto legislation with a Trump rescission package that Senate Republicans passed overnight. As Politico put it: "If something's got to give, watch to see whether all three cryptocurrency bills end up getting a vote this week as planned. One possibility under discussion is passing only the Senate-approved stablecoin bill, which Trump wants to sign as soon as possible, and punting the other votes."
Congressional Democrats are divided on the GOP package, and leadership is not whipping for or against it. Politico obtained a Monday notice from the office of House Minority Whip Katherine Clark (D-Mass.) that, according to the outlet, "sharply criticized both a crypto market structure bill and a Senate stablecoin measure that the lower chamber is slated to vote on, but did not tell members how to vote."
Reps. Angie Craig (D-Minn.), Don Davis (D-N.C.), and Ritchie Torres (D-NY) are original co-sponsors of the CLARITY Act. Craig still wants Democrats to support the legislation, Semafor reported Tuesday, and both Davis and Torres joined Rep. Josh Gottheimer (D-N.J.) in a Monday letter urging their Democratic colleagues to vote for it, arguing that "although this bill is not without its shortcomings and may still be improved, inaction is not a viable option."
More Perfect Union on Tuesday published a report detailing how Davis, Torres, and Gottheimer have collectively taken millions from cryptocurrency industry executives and political groups. Responding to the findings on social media, Sen. Chris Murphy (D-Conn.) said that "it's a terrible bill that basically endorses Trump's massive crypto corruption scheme. Democrats will regret voting for it."
It's not just Trump and his family who could benefit from the bills. A separate Washington Post analysis published Thursday found that "nearly 70 Trump administration officials and nominees held cryptocurrency or investments in blockchain or digital-asset companies at the time of their selection, with stakes ranging from small to more than $120 million."
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'Self-Enrichment': JD Vance Stands to Profit From Trump Military Contracts, Crypto Reserve
Financial disclosures analyzed by Accountable.US reveal that the vice president is invested in several defense contractors that have reaped lavish contracts since Trump's return to office.
Jul 11, 2025
The Trump administration has given contracts to four defense contractors that Vice President JD Vance has a financial stake in, according to a report by the government watchdog group Accountable.US.
Financial disclosure forms published by the Office of Government Ethics for June 2025 reveal that through at least the end of 2024—the last date at which he was required to disclose his investments—Vance had anywhere from $100,000 to $250,000 invested in Revolution's Rise of the Rest Seed Fund, a Washington, D.C.-based venture capital group he helped to found before taking office.
Rise of the Rest is invested in at least four military contractors that have since received large contracts from the Trump-Vance administration. Two of them received those contracts—worth millions of dollars—within two weeks of Trump beginning his second term.
Hermeus, the maker of hypersonic aircraft, received a contract worth $9.36 million from the Department of Defense in February. Another company, Slingshot Aerospace, has been awarded $1.7 million in contracts from the Air Force. The report notes that Slingshot's tools, which include GPS monitoring technology, have been used in the Israel-Palestine conflict.
The most lucrative company in Vance's portfolio is Anduril, which has received an eye-popping $220 million in government contracts since Trump and Vance took office and seen a 125% increase in its valuation.
It is expected to reap massive new contracts from the so-called "Big Beautiful Bill" that Trump signed into law earlier this month through its creation of expansive new border surveillance technology.
As Sam Biddle reported for The Intercept on Wednesday, the bill includes language that effectively grants Anduril "a monopoly on new surveillance towers for U.S. Customs and Border Protection":
A provision buried in the new mega-legislation stipulates that none of the $6 billion border tech payday can be spent on border towers unless they've been "tested and accepted by [CBP] to deliver autonomous capabilities."…
That reads like a description of Anduril's product—because it might as well be. A CBP spokesperson confirmed to The Intercept that under the new law, Anduril is now the country's only approved border tower vendor.
Anduril is also reportedly one of the main firms in contention for contracts to help build Trump's $175 billion "Golden Dome" security system.
Vance left Revolution in 2020 to start his own venture capital firm, Narya Capital, and two of the companies received investments from his previous firm after his departure. However, Vance directly acknowledged that he had a financial stake in all four of them on a Senate financial disclosure form in 2023, "indicating awareness of the investments," according to Accountable.US.
The Rise of the Rest Seed Fund presents other potential conflicts of interest as well. In addition to its investments in the defense industry, it has also been a major backer of The Bitcoin Company, providing it with more than $2.1 million in seed money in 2022.
Vance himself is a major Bitcoin enthusiast. His disclosures reveal that he personally holds anywhere from $250,000 to $500,000 worth of the cryptocurrency.
During his time in the White House, President Donald Trump has launched initiatives meant to supercharge the cryptocurrency industry, including a "Strategic Bitcoin Reserve," which sent the digital currency's price soaring in March.
Accountability.US executive director Tony Carrk describes Vance's financial entanglements as part of a broader pattern within the Trump administration.
"Vance's background and investments in companies benefiting from Trump government contracts come as no surprise given this administration’s record of benefiting themselves while raising costs and gutting health care for hardworking Americans," he said.
Past reports by the group have highlighted the president's own profiteering from cryptocurrency and other financial ventures. And last month, an investigation revealed that Donald Trump, Jr. also stood to profit tremendously from the "Golden Dome" project via his own investments in Anduril and Elon Musk's company SpaceX.
"As much as the Trump administration claims to be draining the swamp, their conflicts of interest, self-enrichment, and ties to special interests show they are creatures of it," said Caark. "Vice President JD Vance is no exception."
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By Limiting Nationwide Injunctions, Supreme Court Declares 'Open Season on All Our Rights'
In a ruling that stems from the president's birthright citizenship order, the "conservative supermajority just took away lower courts' single most powerful tool for reining in the Trump administration's lawless excesses."
Jun 27, 2025
The U.S. Supreme Court issued a flurry of decisions Friday morning, including a ruling related to U.S. President Donald Trump's attack on birthright citizenship that led legal experts, elected Democrats, immigrants, and rights advocates to warn—as MoveOn Civic Action spokesperson Britt Jacovich put it—that the justices "just made it easier for Trump to take away your rights."
Three different federal judges had granted nationwide injunctions blocking Trump's effort to end birthright citizenship with an executive order that Cody Wofsy, deputy director of the ACLU Immigrants' Rights Project, described as "blatantly illegal and cruel." Rather than considering the constitutionality of the president's order, the justices examined the relief provided by lower courts.
"The Supreme Court has green-lighted Trump to run roughshod over a critical constitutional right. This is not a slide into authoritarianism—this is a one-way plummet."
In Friday's 6-3 ruling for Trump v. CASA, the right-wing justices held that "universal injunctions likely exceed the equitable authority that Congress has given to federal courts," with Justice Amy Coney Barrett, a Trump appointee, delivering the majority opinion.
"The Supreme Court's conservative supermajority just took away lower courts' single most powerful tool for reining in the Trump administration's lawless excesses," wrote Slate's Mark Joseph Stern. "I understand there is some debate about the scope of this ruling, but my view remains that the Supreme Court has just effectively abolished universal injunctions, at least as we know them. The question now is really whether lower courts can craft something to replace them that still sweeps widely."
"Trump's Justice Department is about to file a motion in every lower court where it faces a universal injunction citing this case and arguing that the injunction must be narrowed," the journalist explained. "This will have huge downstream consequences for a ton of other extraordinarily important and controversial cases."
Justice Sonia Sotomayor penned a dissent, joined by the other two liberals, and Justice Ketanji Brown Jackson also wrote her own. Many other critics of the high court's majority decision echoed their warnings about the expected consequences of the ruling.
"The Supreme Court has green-lighted Trump to run roughshod over a critical constitutional right. This is not a slide into authoritarianism—this is a one-way plummet," said Analilia Mejia and DaMareo Cooper, co-executive directors of the grassroots coalition Popular Democracy, in a Friday statement.
"This ruling takes away the power of lower courts to block unconstitutional moves from the government on a federal level— allowing the government to act with impunity and apply law inconsistently across the country," they stressed. "As Justice Sotomayor wrote, 'No right is safe in the new legal regime this court creates.'"
Congresswoman Delia Ramirez (D-Ill.), the daughter of Guatemalan immigrants and a citizen by birthright, said Friday that "I agree, Judge Sotomayor, no right is safe under the new regime, not even the ones clearly guaranteed under our Constitution."
"For more than 100 years, the 14th Amendment has reaffirmed that all people born in the U.S. are U.S. citizens, with equal rights under the law. It has been and is the law of the land, consistently upheld by courts and scholars across the political spectrum," she noted. "But in limiting nationwide injunctions, Trump's loyalists have decided to—once again—put him above the rule of law, our Constitution, and the principles of our nation."
Caroline Ciccone, president of the watchdog Accountable.US, highlighted that same line from Sotomayor and also explained that "results like this are the result of a yearslong takeover by Trump and special interest allies to capture the courts and install conservative majorities that help him advance an extreme ideological agenda."
"Let's be clear: The Trump administration appealed this case to undermine the power of federal judges, rather than address his blatantly unconstitutional executive order seeking to end birthright citizenship," Ciccone said.
Brett Edkins, managing director of policy and political affairs at the progressive advocacy group Stand Up America, said that "as Justice Jackson notes, 'The court's decision to permit the executive to violate the Constitution with respect to anyone who has not yet sued is an existential threat to the rule of law.'"
"Today, six justices on the Supreme Court eliminated one of the most effective checks on Donald Trump, clearing a path for him to impose his extreme, anti-democratic agenda on any American who can't afford a lawyer or doesn't join the game of litigation Whac-A-Mole now required to protect their basic rights," he added. "This ruling should send a chill down every American's spine."
Congressional Progressive Caucus Chair Greg Casar (D-Texas) also described the decision as chilling and argued on social media that "the Supreme Court is declaring open season on all our rights."
U.S. Sen. Alex Padilla (D-Calif.), ranking member of the Senate Judiciary Immigration Subcommittee, called out the high court for failing "every American," and said that "we must heed Justice Jackson's warning," citing that same line from her dissent.
Maggie Jo Buchanan, interim executive director of the group Demand Justice, pointed to another line, agreeing that "as Justice Jackson wrote in her dissent, the court has created an 'existential threat' to the rule of law and the system of checks and balances upon which our nation was founded."
"The same six justices who gave Trump king-like immunity for criminal acts have now limited the ability of the judicial branch to protect everyday Americans from unconstitutional or illegal executive overreach," she said, referring to a decision issued a year ago. "Just as Republican leaders in Congress duck their heads and carry out Trump's bidding, the Republican appointees on the court do so as well."
Senate Minority Leader Chuck Schumer (D-N.Y.) also took aim at both his GOP colleagues and the justices, saying that "the Supreme Court's decision to limit courts of their long-held authority to block illegal executive actions is an unprecedented and terrifying step toward authoritarianism, a grave danger to our democracy, and a predictable move from this extremist MAGA court."
"Congressional Republicans have to choose between being bystanders or co-conspirators," Schumer added, urging them to challenge Trump. "Congress must check this unimpeded power, but for that to happen, Republican members must stand up for core American democratic values and not for unchecked presidential power of the kind that our Founders most deeply feared."
In addition to sounding the alarm about what the high court's decision means for all future legal battles, critics noted that although the justices didn't weigh in on Trump's birthright citizenship order, it could soon start to impact families nationwide.
"The administration's attempt to deny citizenship to many children born in the United States is unquestionably unconstitutional, and nothing in today's Supreme Court opinion suggests otherwise. Yet, the court has nonetheless created a real risk that the administration's unconstitutional order will go into effect in many parts of the country in 30 days," said Sam Spital, associate director-counsel at the Legal Defense Fund (LDF), vowing to continue the fight against the order.
FWD.us president Todd Schulte pointed out that with its new ruling, "the Supreme Court has opened the door to a fractured system in which a child born in one state is recognized as a citizen, but a child born in another is not."
"If the president's order is allowed to go into effect by the lower courts, there will be immediate chaos for parents, hospitals, and local officials, and long-term harm for families and communities across the country," he warned.
Juana, a pregnant mother, CASA member, and named plaintiff in a lawsuit over the order, said Friday that "I'm heartbroken that the Supreme Court chose to limit protections instead of standing firmly for all families like mine."
"Every child born here deserves the same rights, no matter who their parents are," Juana declared. "I joined this lawsuit not just for my baby, but for every child who deserves to be recognized as fully American from their first breath. We won't stop fighting until that promise is real for everyone."
Shortly after the ruling, organizations including the ACLU, Democracy Defenders Fund, and LDF filed a class action lawsuit on behalf of a proposed class of babies subject to Trump's executive order and their parents.
"The Constitution guarantees birthright citizenship, and no procedural ruling will stop us from fighting to uphold that promise," said Tianna Mays, legal director for Democracy Defenders Fund. "Our plaintiffs, and millions of families across this country, deserve clarity, stability, and justice. We look forward to making our case in court again."
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