California representative Maxine Waters, who ranked the US Financial Service Committee Committee, used his opening statement at a Markup hearing to paint President Donald Trump’s business and ethical attraction to the Crypto industry, including the launch of a stablecoin of a family supported company.
Responding to lawmakers at hearing on April 2, Waters Says Trump used his position as president to use the “multiple crypto schemes” for income, along with a US dollar pegged stablecoin launched by the World Liberty Financial (WLFI) —the firm his family supported.
California lawmaker pointed out Trump’s memecoin in January, his plans to establish a national cryptocurrency stockpile, and “his own stablecoin,” Refer to WLFI’s USD1 token Launched in March.
Rep. Maxine Waters responding to the House Financial Services Committee on April 2. Source: GOP financial services
“Through this StableCoin proposal, this committee sets an unacceptable and dangerous preceding, which has proven the president and efforts of his insider to write road policies that will enrich themselves at the expense of everyone,” says Waters, adding:
“Trump wants the whole government to use stablecoins from payments made by the Department of Housing and the city’s development, to Social Security payments, to pay taxes. And which coin do you think Trump will replace the dollar? Himself, of course.”
The waters do not stand alone with him The criticism of Crypto’s adventures of TrumpTo many lawmakers and experts throughout the political spectrum suggesting potential conflicts of interest.
Committee Chair French Hill, who spoke to Stablecoins before the waters, also reported Says That the involvement of the Trump family in the industry makes the law more complicated. “
“If there is no effort to hinder the President of the United States of America from the owner of his business in Stablecoin (…) I will not be able to agree to support this proposal, and I will ask other members not to be enablers,” Waters said.
Related: Crypto has a problem with getting regulation in Washington – or this?
Representative Bryan Steil, who introduced Stablecoin’s transparency and responsibility for a better ledger economy, or stable acts, did not immediately address Waters’ concerns about Trump’s stablecoin but identified the establishment of protections for consumers.
Hill did not mention Trump in his opening statement but said it had to be a “clear federal framework” for the stablecoins in payment.
Crypto law moving through Congress
The committee will consider amendments to stable law, as well as Bills to combat forbidden finances With emerging financial technologies and blocking the US government from the release of a central digital currency, or CBDC.
The Markup hearing is a necessary step before the committee can vote on whether the bills will be promoted to the House of Representative.
Magazine: Crypto adventures of Trump’s crypto raises conflict of interest, insider trading questions
