A small tech company with ties to China has announced plans to invest $300 million into Donald Trump’s meme coin, raising concerns about foreign influence and financial transparency as reported by the NYT. The firm, GD Culture Group, employs only eight people and reported zero revenue last year, yet it claims to have secured funding through a stock sale to an unnamed entity in the British Virgin Islands.
Senator Elizabeth Warren has called the situation “corruption in plain sight”, questioning whether the company is a shell entity designed to curry favor with Trump. Even the former Republican chairman of the House Ethics Committee echoed these concerns, stating that foreign entities may be attempting to buy influence.
“A company with ties to China is pouring as much as $300 million into Donald Trump’s memecoin,” Senator Warren wrote on Twitter. “While the Senate is negotiating a crypto bill that can supercharge the President’s crypto corruption.”
The controversy comes as the Senate prepares to revisit the GENIUS Act, a crypto bill that could reshape stablecoin regulations. Warren hinted that lawmakers must address these concerns before passing the bill for a new vote.
GENIUS Act Negotiations Resume Ahead of Memorial Day Vote
Meanwhile, the GENIUS Act, a bipartisan crypto bill aimed at regulating stablecoins, is back in discussion after failing a key Senate vote last Thursday. According to crypto reporter Eleanor Terrett, Senators have restarted negotiations this week, hoping to finalize the bill’s text before the Memorial Day recess.
Senate leadership is now considering amendments and a motion to reconsider, with the goal of securing bipartisan support for the bill. The GENIUS Act would establish reserve requirements, anti-money laundering protocols, and consumer protections for stablecoin issuers.
The bill’s fate remains uncertain, as Democrats and Republicans continue to debate its provisions. Some lawmakers worry that Trump’s growing involvement in crypto could complicate the bill’s passage, especially given the latest controversy surrounding his meme coin investment.
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