Representative Maxine Waters, who ranked the House Financial Services Committee (HFSC), led some democratic lawmakers from a joint hearing on digital possessions in response to what he called “corruption of the United States President” about cryptocurrencies.
At a joint May 6 hearing of the HFSC and House Committee on Agriculture, Rep. Waters remained Standing while addressing the Republican leadership, saying that he intended to hinder the proceedings because of Donald Trump’s corruption, “Crypto -owned,” and the supervision of government agencies. Digital Asset Subcomm Committee Chair Bryan Steil, who seems to be taking advantage of a loophole to the Committee’s rules, Republican lawmakers said it would continue the event as a “roundtable” rather than a hearing.
HFSC Chair French Hill encouraged hearing lawmakers to create a “long -term framework” in digital ownership, but did not directly address any of the Rep. Waters’ and Democrats about Trump’s involvement in the crypto industry. He claimed the waters doing the hearing of a partisan issue and shutting down a discussion on a digital asset regulation framework.
Related: US Stablecoin Bill has lost Democrats amidst Trump corruption concerns
Rep. Waters and Top Congress members who oppose Trump’s “corruption” at a shadow hearing is part of a approach Democratic legislators announced On May 5. In the middle of his 2024 campaign and once in office in January, Trump faced criticism for the launch of his memecoin and offers to have top tokenholders attending an exclusive dinner, his family supporting the firm World Liberty Financial, and an abu dhabi-based investment with the USD1 Stablecoin-based platform with the Platform $ 2 billion investment in Binance.
Competing bills to repair crypto, prohibit government officials with its owner
The “Roundtable” led by the Republicans advanced, discussed the framework of the crypto market structure proposed by the party leadership on May 5. Rep. Waters A group of house representatives and witnesses to the “Trump family’s efforts to enrich themselves” using digital assets.
“Today, the Republicans of Congress insist that the structure of the crypto structure structure is pushing,” Waters said. “I ask members to note, all of this is going on against this uninterrupted backdrop. Daily the Republican Congress refuses to stand up for their constituents, they reduce their power and Congress’ and destroy the country’s democratic future.”
As Republicans discussed their draft of the Bill Structure Bill, Democrats on Shadow hearing released A draft of the law “to promote some digital restrictions on the owner with respect to government officials and employees,” specifically named the US president, vice president, members of Congress, and their immediate families. The bill suggested that all of the individuals were prohibited from crypto -owned, which serves as a leadership for a digital asset, or receiving compensation through the sale or trade of the crypto.
Democratic hearing and efforts to “be held accountable (Trump) may slow or explicitly stop developing to pass the market structure bill. In the Senate, a group of Democrats pulled support for a bill of stablecoin After concerns concerns about the corruption of the President and his family.
Some Republican lawmakers, including Rep. Hill, has pushed back to Trump’s connections to the crypto industry. Arkansas lawmaker reportedly stated in March that involvement in the Trump family makes crypto law more complicated, “while senators Cynthia Lummis and Lisa Murkowski has been reported critical of the President’s memecoin dinner.
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