GD Culture Group to Invest $300 Million in Donald Trump's Meme Coin, Raising Concerns About Foreign Influence

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.

A small tech company with ties to China and a workforce of only eight has announced plans to invest as much as $300 million into Donald Trump’s meme coin, sparking concerns over foreign influence and financial transparency, reports The New York Times.

The company, GD Culture Group, which reported zero revenue last year, said it secured the funds through a stock sale to an unnamed entity in the British Virgin Islands.

Senator Elizabeth Warren expressed skepticism, stating that the company appears to be a shell entity designed to curry favor with Trump.

"A company with ties to China is pouring as much as $300 million into Donald Trump’s memecoin—while the Senate is discussing a crypto bill that can supercharge the President’s crypto corruption. We're at a crossroads, and the GENIUS Act must not pass without serious guardrails," Senator Warren wrote on Twitter.

Senator Elizabeth Warren expressed skepticism, stating that the company appears to be a shell entity designed to curry favor with Trump

"A company with ties to China is pouring as much as $300 million into Donald Trump’s memecoin—while the Senate is discussing a crypto bill that can supercharge the President’s crypto corruption. We're at a crossroads, and the GENIUS Act must not pass without serious guardrails."

The situation led to worries about foreign entities attempting to buy influence, even among Republicans.

"It's no secret that foreign powers are increasingly interested in influencing U.S. politics and policy," said the former Republican chairman of the House Ethics Committee, touting the importance of financial transparency in such endeavors.

These concerns come as the Senate prepares to revisit the GENIUS Act, a bipartisan crypto bill that could reshape stablecoin regulations and has been a subject of heated discussion.

After failing a key vote last Thursday, the bipartisan crypto bill is back in discussion this week as Senators aim to finalize the bill’s text.

According to crypto reporter Eleanor Terrett, the Senators are hoping to finalize the bill’s text before the Memorial Day recess.

?NEW: I’m in Toronto but here’s what I’m hearing out of Washington per two Senate sources…?A bipartisan group of Senators is close to arriving at consensus on GENIUS Act text that could allow the process to move forward after days of intensive negotiations that restarted…

The post brought forth worries about foreign entities attempting to buy influence, even among Republicans

"It's no secret that foreign powers are increasingly interested in influencing U.S. politics and policy.

The move comes amid a broader discussion of foreign interference in the U.S. political system.

The GENIUS Act, which stands for Grant, Engage, Narrate, Impact, Uncover Solutions Together, is a bipartisan bill that aims to regulate stablecoins and establish consumer protections for crypto users.

The bill would require stablecoin issuers to hold adequate reserves, implement anti-money laundering protocols, and disclose any political contributions made by the company.

However, the bill’s fate remains uncertain as Democrats and Republicans continue to disagree on key provisions, including the scope of financial reporting for stablecoin issuers and the role of the Commodities Futures Trading Commission (CFTC).

Moreover, Trump’s growing involvement in crypto could complicate the bill’s passage.

The latest controversy surrounding his meme coin investment has raised concerns about foreign interference and financial transparency.

Despite reporting zero revenue last year and having only eight employees, the small tech company claims to have secured funding through a stock sale to an unnamed entity in the British Virgin Islands.

News data source: kdj.com

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