Democrats are leaning into a corruption argument against President Donald Trump, pointing to his crypto meme coin and plans to accept a luxury jet from Qatar as evidence that the president is potentially violating ethical norms and the US Constitution.

With the meme coin $TRUMP and the company World Liberty Financial, the President is using an underregulated industry to enrich himself and court foreign influence.

The president’s deep involvement in the crypto industry is raising red flags in Washington, leading to the collapse of a key stablecoin bill. Donald Trump said on the campaign trail ahead of his election that he intended to be the “crypto president.