Republican lawmakers in the House Financial Services Committee (HFSC) have pushed against concerns that US president Donald Trump may personally earn from his exposure to the crypto industry, which has removed claims as political “theatrics” amid the ongoing debate about digital asset law.
At a hearing on June 6 organized by Democrats, HFSC rank member Maxine Waters defended That lawmakers should focus on “information that has not been explored at the committee hearing” on June 4, which has dealt with concerns around the Digital Asset Market Clarity (CLARITY) Act. The debate around the crypto market structure bill, expected to lead for a vote on June 10, is partially -who calls for provisions Stop Trump from potential law use to his personal gain.
Representative Bryan Steil, who heads the Digital Assets Committee, seems to be neglecting criticism as “Trump Derangement Syndrome,” a term used to remove the criticism surrounding the President. Cointelegraph handed over a steil spokesperson to comment but did not receive a response at the time of publication.
“My Republican colleagues have refused even to recognize President Trump’s corruption, which bothers their efforts to pass this bill,” Rep. Stephen Lynch following Steil’s statements. “I assume for fear and backlash from the president.”
It is unclear whether the efforts of the Democrats will gain adequate support of members of their party or Republicans to slow down or stop passing The Clarity Act. Before Trump’s dinner to reward his memecoin holders on May 22, water a separate bill was introduced To hinder the President, Vice President, Congress members and their families from contact with digital assets.
According to the Waters at the June 6 hearing, Trump is “abusing his position as president to enrich himself in crypto.” He continued:
“It is not a single provision within this bill (Clarity Act) that responds to the crimes I have laid out. In fact, this bill is just legitimate.”
Also speaking at the hearing, Rep. Warren Davidson said “100% Democrat opposition to developing this proposal.”
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https://www.youtube.com/watch?v=vkc5qcrvdc0
Bill of market structure to meet the roles of SEC, CFTC
Amanda Fischer, the policy director and chief operating officer for Better Markets and a hearing witness, responded to other concerns over the President’s indirect handling of digital assets through the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Many of the commissioners in both agencies are expected to resign or leave Without the nominees on the path to replace them.
“Financial regulation agencies are under siege,” Fischer said. “Democratic commissioners appointed by the president and confirmed by the Senate were fired for no reason. Soon, the CFTC will only have one commissioner. By the end of the year, this SEC will drop to one three members of the Commission of all Republicans, despite having a bipartisanship mandate.”
The Senate Agriculture Committee is Scheduled to consider Trump’s nomination of Brian Quintenz to lead the CFTC on June 10. The acting of CFTC chair Caroline Pham and Commissioner Kristin Johnson both announced plans to leave the agency, who potentially leave Quintenz as a single commissioner at a time.
The SEC, under the chairman of Paul Atkins, can also see a leadership by 2027 with the expected removal of Commissioner Caroline Crenshaw. Commissioner Hester Peirce, who led the agency’s Crypto Task Force, delivers a term that expires on June 5. Both commissioners can serve up to 18 months after their terms if not replaced by a confirmed Senate pick from Trump.
Magazine: Crypto adventures of Trump’s crypto raises conflict of interest, insider trading questions
