As Donald Trump prepares to host his crypto dinner for top memecoin investors, a coalition of Democratic lawmakers are launching a coordinated campaign against what they call a “crypto corruption” scandal.

VanEck, one of the earliest U.S. asset managers to embrace digital assets, plans to launch a private fund focused on the Avalanche blockchain in June. 

Hong Kong has passed a stablecoin bill aimed at licensing issuers of fiat-backed digital currencies, becoming the latest jurisdiction to regulate one of the fastest-growing corners of the crypto industry.

Top stories in the Crypto Roundup today:

• Trump’s Memecoin Dinner Met With Democratic Protests, New Bill Targeting Crypto Ties
• VanEck to Launch Avalanche Ecosystem Fund
• Hong Kong Approves Stablecoin Licensing Bill, Joining Global Regulatory Push

Trump’s Memecoin Dinner Met With Democratic Protests, New Bill Targeting Crypto Ties

As Donald Trump prepares to host his crypto dinner for top memecoin investors, a coalition of Democratic lawmakers are launching a coordinated campaign against what they call a “crypto corruption” scandal.

Outside the Capitol, Rep. Maxine Waters (D-Calif.), the top Democrat on the House Financial Services Committee, is set to stand with fellow lawmakers to unveil a bill that would ban presidents, vice presidents, and members of Congress from profiting through digital asset ventures. 

Waters accused Trump of abusing public office to “"shamelessly promote and profit from a series of crypto ventures tied to himself and his family.”

The new legislation, a long-shot in the GOP-controlled Congress, echoes provisions Democrats had tried to insert into broader crypto legislation ,which have so far been blocked.

By mid-afternoon, Senators Elizabeth Warren, Chris Murphy and Jeff Merkley are set to take up the cause at a second Capitol press event. Murphy has introduced his own MEME Act, a bill with similar aims to Waters’ proposal.

VanEck to Launch Avalanche Ecosystem Fund

VanEck, one of the earliest U.S. asset managers to embrace digital assets, plans to launch a private fund focused on the Avalanche blockchain in June. 

The fund, dubbed the VanEck PurposeBuilt Fund, will be available to accredited investors and aims to invest in liquid tokens and early-stage ventures spanning gaming, payments, AI and financial services built on Avalanche.

Beyond venture-style investments, VanEck says the fund will also channel idle capital into real-world asset (RWA) products native to Avalanche. These include tokenized money market funds.

The fund will be managed by the same team behind VanEck’s Digital Assets Alpha Fund, which oversees more than $100 million in assets as of late May.

Hong Kong Approves Stablecoin Licensing Bill, Joining Global Regulatory Push

Hong Kong has passed a stablecoin bill aimed at licensing issuers of fiat-backed digital currencies, becoming the latest jurisdiction to regulate one of the fastest-growing corners of the crypto industry.

The bill, approved in its third reading by the Legislative Council, lays the groundwork for a licensing regime that will be administered by the Hong Kong Monetary Authority. 

Lawmakers expect that companies seeking to issue stablecoins backed by traditional currencies will be able to apply for licenses before the end of 2025.

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