Johnson Defends Trump’s Crypto Dealings Amid Controversy
House Speaker Mike Johnson has dismissed concerns about President Donald Trump’s cryptocurrency ventures, including the $TRUMP meme coin that promises dinner with the president for top holders. “I can just tell you that President Trump has had nothing to hide,” Johnson stated in defense of the president’s actions, adding that “there are people who watch all the ethics of that,” according to The Hill.
The Speaker’s comments come amid growing controversy over both Trump’s meme coin and the anticipated dinner event scheduled for May 22 at Trump National Golf Club, where the president will host the top 220 holders of the cryptocurrency—individuals who collectively spent nearly $148 million to secure their invitations.
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Republican Response Strategy
Republican leadership has largely presented a unified front in defense of Trump’s cryptocurrency activities. Johnson’s dismissal of ethical concerns aligns with broader GOP messaging that characterizes Democrats’ corruption allegations as politically motivated distractions rather than substantive issues affecting Americans.
Republican strategist Matt Gorman reinforced this position, describing Democratic criticism as another “shiny object” that highlights the party’s “lack of consistent messaging.” Gorman argued that these allegations “don’t affect anyone, any actual, real people,” contrasting Democrats’ focus on “esoteric terms like democracy and fascism” with Trump’s messaging on “paychecks and illegal immigration,” according to CNN.
GOP Senator Voices Caution
Despite the predominant Republican defense, some GOP lawmakers have expressed reservations about the president’s cryptocurrency activities. Senator Cynthia Lummis (R-Wyoming), a staunch Trump ally and leading voice on cryptocurrency regulation, acknowledged that the dinner arrangement “gives me pause” and suggested Congress needs to establish clearer rules.
“This is the Wild West, and so when I hear things like this, my reaction is, we need to legislate so there are rules,” Lummis stated, according to NBC News. The Wyoming senator expressed openness to working with colleagues across the aisle on legislation to standardize rules around digital assets for elected officials, including the president, while maintaining that current practices remain legal absent specific regulations.
Legislative Activity Impacted
The controversy surrounding Trump’s cryptocurrency dealings has begun to affect the legislative process in Washington. The Hill has reported that Senate deliberations on stablecoin legislation have been complicated by Trump’s crypto ventures, with some lawmakers questioning the timing and potential conflicts of interest in advancing crypto-friendly legislation while the president maintains personal financial interests in the sector.
Congressional hearings related to cryptocurrency regulation have similarly been disrupted, with Democratic lawmakers frequently pivoting discussions toward ethical questions about the president’s involvement in digital assets rather than focusing on the technical and financial aspects of the legislation under consideration.
White House Response
The White House has maintained that there are no ethical issues with Trump’s crypto activities, primarily pointing to the trust arrangement established at the beginning of his presidency. “President Trump’s assets are in a trust managed by his children. There are no conflicts of interest,” White House Deputy Press Secretary Anna Kelly stated in response to inquiries.
This defense has failed to satisfy critics who note that the Trump Organization fired its designated ethics adviser, William Burck, in April, citing his representation of Harvard University in its funding dispute with the Trump administration. According to Reuters, the company has not named a replacement ethics adviser, further fueling concerns about oversight of the president’s business interests during a period of aggressive expansion into cryptocurrency ventures.
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