Russia&#8217;s move to classify digital currencies as property for seizure could enhance legal frameworks but may also stifle crypto innovation. The post Russia drafts bill to treat Bitcoin, digital currencies as property for seizure appeared first on Crypto Briefing.

Russia drafts bill to treat Bitcoin, digital currencies as property for seizure

Strategy is forming a bullish setup similar to Bitcoin’s recent breakout. With 
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trading in a bullish market structure,…

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DOW Jones lost 600 points as investors focus on U.S. public debt. Bitcoin had 
the opposite reaction.

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Democratic leaning organizations and members of Congress have announced plans 
to protest what they describe as the sale of access to the office of the US 
president, in reference to Donald Trump&#8217;s memecoin dinner on May 22. The 
event&#8217;s attendees are said to have collectively spent over $100 million for 
the chance to meet with the US president.
Since Trump&#8217;s memecoin project, Official Trump (TRUMP), announced that its top 
220 tokenholders would have an opportunity to apply for an exclusive dinner 
with the president, many leaders in the crypto industry and US lawmakers have 
criticized the event, saying Trump was opening his office to potential bribery 
and corruption.
The memecoin dinner prompted some Democratic lawmakers to withdraw support for 
crypto-related legislation in Congress, including the market structure and 
stablecoin bills.
&#8220;Trump collecting gifts from foreign governments is unconstitutional,&#8221; a 
spokesperson for the consumer advocacy organization Public Citizen, which is 
planning to protest near the memecoin dinner on May 22, told Cointelegraph. 
&#8220;Collecting foreign government investments through his memecoin is not much 
better. American foreign policy should not be for sale.&#8221;
_Source:__Public Citizen_
Crypto industry figures such as Tron founder Justin Sun, Kronos Research chief 
investment officer Vincent Liu, Hyperithm co-CEO Oh Sangrok, and Synthetix 
founder Kain Warwick are among the tokenholders expected to attend the dinner 
at the Trump National Golf Club outside Washington, DC. The memecoin project 
said all applicants had to pass a background check and could not be from a 
&#8220;[Know Your Customer] watchlist country.&#8221;
_**Related:**__**Democrats seek suspicious activity reports linked to Trump 
crypto ventures**_
Public Citizen, in partnership with progressive political organization Our 
Revolution, will hold a rally near the golf club, which Oregon Senator Jeff 
Merkley is expected to attend. In addition, the Arlington and Loudoun 
Democrats will be hosting a separate event to urge US officials to &#8220;hold 
[Trump] accountable,&#8221; and Democratic leadership in Congress has scheduled two 
press events on May 22 ahead of the dinner.
&#8220;Americans cannot and will not accept President Trump&#8217;s view that positions of 
power exist only to benefit the holder of that power,&#8221; Ryan Ruzic, chair of 
the Loudoun County Democratic Committee, told Cointelegraph. &#8220;We have a moral 
responsibility to speak out against corruption, whatever the result may be.&#8221;
## Pushback on TRUMP memecoin affected crypto legislation
Some lawmakers initially cited the memecoin dinner and the Trump family&#8217;s 
involvement with the crypto platform World Liberty Financial in opposing 
passage of the GENIUS Act, a bill to regulate payment stablecoins. World 
Liberty Financial began issuing its own USD1 stablecoin in March, prompting 
concerns about Trump&#8217;s conflicts of interest. However, the legislation passed 
a key procedural vote in the Senate on May 19 with support from Democrats, 
setting the bill up for debate in the chamber.
&#8220;Many senators, myself included, have very real concerns about the Trump 
family&#8217;s use of crypto technologies to evade oversight, hide shady financial 
dealings, and personally profit at the expense of everyday Americans,&#8221; said 
Sen. Mark Warner in a statement before the May 19 vote, adding: &#8220;But we cannot 
allow that corruption to blind us to the broader reality: blockchain 
technology is here to stay.&#8221;
Senator Chris Murphy, who voted against advancing the GENIUS Act, called for 
bipartisan support in amending the bill to specifically bar a US president 
from issuing stablecoins. He also called on the White House to release a 
complete list of attendees to the memecoin dinner, suggesting that some or all 
of them would &#8220;try to get something from the president&#8221; in exchange for 
purchasing the tokens.
Murphy and Senator Elizabeth Warren will attend a press event with 
representatives for Public Citizen on May 22. California Representative Maxine 
Waters, ranking member of the US House Financial Services Committee, announced 
a separate press conference for the same day, with plans to introduce a bill 
to &#8220;block Trump&#8217;s memecoin and stop his crypto corruption, once and for all.&#8221;
As of May 21, the exact number of attendees to the dinner was unknown. A 
smaller group of 25 tokenholders also qualified to apply for &#8220;VIP tour&#8221; and 
reception &#8212; presumably at the White House &#8212; with Trump, but the complete 
list of those planning to attend was also unknown at the time of publication.
_**Magazine:**__**Trump &#8216;s crypto ventures raise conflict of interest, insider 
trading questions**_

Interest groups, lawmakers to protest Trump's memecoin dinner

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Michael Saylor, founder of Strategy, formerly MicroStrategy, has once again 
reiterated that now is the time to buy Bitcoin. Michael Saylor, whose company 
is the largest corporate holder of Bitcoin (BTC), made the statement as the 
latest Bitcoin rally sent…