Bipartisan Stablecoin Bill Running into Pushback Over Trump Crypto Deals

Trump Crypto Deals Provoke Senate Backlash and Calls for Investigation

Senate Democrats are demanding changes to cryptocurrency legislation pending in Congress, responding partly to growing evidence that the Trump family is using its connections and President Trump’s power to profit from crypto trading.

The pushback intensified late last week after a closed-door meeting among Senate Democrats in which Senator Chuck Schumer, the Democratic leader, told colleagues they should not commit to voting for the so-called GENIUS Act, a bill backed by the crypto industry.

For months, the bill had appeared to be gliding toward passage, with support from both parties, and it was scheduled for a procedural vote this week. But in the meeting, Senate Democrats expressed concern that the legislation would directly benefit the Trump family’s crypto business, citing reporting by The New York Times.

SEC doubling down on flawed legal position regarding disgorgement 

Today, the SEC filed its brief opposing Supreme Court review of a First Circuit opinion, openly attacking the Second Circuit’s decision in Govil, which properly held that disgorgement requires proof of pecuniary harm to actual victims.

Despite changes in the Commission’s makeup, the “new” SEC is doubling down on the same flawed legal position it pursued unsuccessfully in Govil: that it can extract disgorgement from defendants (on top of civil penalties designed to punish wrongdoing) even when no investors suffered financial harm from the alleged violations.

This position directly contradicts the Supreme Court’s clear directive in Liu that disgorgement must do “more than simply benefit the public at large.” The SEC seems determined to sidestep Liu’s equitable limitations by arguing that Congress “extinguished” them with the 2021 NDAA amendments.

Adani Camp Meets Trump Officials in Bid to End Bribery Cases

Representatives for Indian billionaire Gautam Adani and his companies met Trump administration officials about dismissing the criminal charges levied against him in an overseas bribery probe, according to people familiar with the matter.

The talks, which began earlier this year, intensified in recent weeks and could lead to a resolution in the coming month or so, if the pace continues, some of the people said, asking not to be identified because the conversations are confidential. Adani’s representatives are trying to make the case that his prosecution doesn’t align with President Donald Trump’s priorities and should be reconsidered, one of the people said.

SEC Division of Enforcement Staff Directory

National Leadership

Samuel Waldon — Acting Director

Antonia Apps — Deputy Director, Enforcement Northeast

Nekia Jones — Deputy Director, Enforcement Southeast

Katherine Zoladz — Deputy Director, Enforcement West

Jason Burt — Deputy Director, Enforcement Specialized Units

Catherine Emerson — Managing Executive

Ryan Wolfe — Chief Accountant

Nicholas Grippo — Chief Litigation Counsel

Silvestre Fontes — Enforcement Liaison

Jose Rodriguez — Chief, Office of Market Intelligence

Corey Schuster — Chief, Asset Management Unit

Laura D’Allaird — Chief, Cyber and Emerging Technologies Unit

Eric Werner — Chief, Complex Financial Instruments Unit

Joseph Sansone — Chief, Market Abuse Unit

LeeAnn Gaunt — Chief, Public Finance Abuse Unit