Trump Family Crypto Venture Lobbies $188B Stablecoin Bill at Mar-a-Lago

Trump family crypto venture hosted Idaho lawmakers at Mar-a-Lago resort on October 8, 2024, to lobby for federal stablecoin legislation. The event pushes 1:1 reserve requirements and unified licensing for tokens like USDT. Clark Corbin of the Idaho Capital Sun reported the details.

Bitcoin trades at $75,843 with a $1.52 trillion market cap, up 0.1% in 24 hours, per CoinGecko. Ethereum holds $2,321 and $280 billion cap. Alternative.me shows Fear & Greed Index at 33 (fear).

Stablecoin Bill Mandates Reserves and Licensing

The bill targets payment stablecoins like USDT and USDC. Lawmakers demand 1:1 reserves backed by cash equivalents. It creates unified federal licensing to replace state rules.

World Liberty Financial, the Trump family crypto venture, backs federal oversight. Proponents say it cuts compliance costs and boosts adoption. The U.S. trails Europe's MiCA, effective June 30, 2024, which mandates full reserves and transparency.

USDT processes over $100 billion daily. Federal rules could speed bank pilots, like JPMorgan's since 2023.

Idaho Lawmakers Drive Trump Crypto Push

Idaho Sen. C. Scott Grow and Rep. Jordan Redman attended the Mar-a-Lago event. Idaho leads pro-crypto state laws with blockchain incentives. They discussed federal preemption of state regulations.

The Trump venture targets red-state allies before Congress acts. Wyoming's stablecoin charters inform federal plans. Bipartisan interest grows.

Regulation Draws Banks to Stablecoins

JPMorgan and BlackRock test stablecoins for payments. Chainalysis reported $1.7 billion in 2023 DeFi hacks. Clear rules curb fraud and enable Ethereum apps.

SEC Chair Gary Gensler highlighted crypto oversight needs. Issuers now attest reserves monthly; federal audits would strengthen trust.

Stablecoin Market Snapshot

Stablecoins anchor crypto trading:

• Stablecoin: USDT · Price (USD): 1.00 · Market Cap: $188B · 24h Change: 0.0%
• Stablecoin: USDC · Price (USD): 1.00 · Market Cap: $77.9B · 24h Change: 0.0%
• Stablecoin: USDS · Price (USD): 1.00 · Market Cap: $10.8B · 24h Change: 0.0%
• Stablecoin: DAI · Price (USD): 1.00 · Market Cap: $5.3B · 24h Change: +0.1%

CoinGecko data, October 2024. Total market tops $300 billion, up 20% yearly.

Mar-a-Lago Event Boosts Momentum

Lawmakers got briefings on stablecoin benefits for economies. Ethereum handles 1.2 million daily transfers post-Merge.

Markets stay neutral. TRX up 1.5% to $0.33 ($31.6B cap). Trump family crypto venture pressures Congress. Passage could lift sentiment above Fear & Greed 50.