Trump\u2019s recent crypto moves<\/a>. <\/p>\nHowever, he was cut off, as Republicans attempted to recognize Waters’ objection and move forward with their roundtable. <\/p>\n
\u201cIt\u2019s too bad for the ranking member that this is not a hearing,\u201d Digital Assets Subcommittee Chair Bryan Steil (R-Wis.) said. \u201cIf it was a hearing, the ranking member would be protected by House rules.\u201d <\/p>\n
Several House Democrats left the hearing room as the roundtable got underway to hold a separate hearing on Trump\u2019s crypto ties. <\/p>\n
As the president and his family have increasingly expanded their crypto portfolio, Democratic lawmakers and outside observers have voiced concerns about potential conflicts of interest. <\/p>\n
Most recently, the Trump family\u2019s crypto venture, World Liberty Financial, announced that its new stablecoin would be used by Emirati firm MGX to conduct a $2 billion transaction with crypto exchange Binance. <\/p>\n
Lynch, who had an opportunity to finish his remarks once the roundtable began, highlighted concerns about the newly unveiled deal. <\/p>\n
\u201cI understand crypto. I understand the other issues here,\u201d he said. \u201cBut this is a mechanism by which other people outside, foreign interests can actually influence our president. Not just this one, but in the future as well.\u201d <\/p>\n
The Digital Assets ranking member remained at the hearing, alongside a handful of other Democrats, including Rep. Angie Craig (D-Minn.), ranking member of the House Agriculture Committee. <\/p>\n
Craig emphasized the importance of Tuesday\u2019s discussion on market structure legislation while also backing up her Democratic colleagues\u2019 concerns. <\/p>\n
\u201cThis is a really important conversation,\u201d Craig said. \u201cI’m here because I think we need to be engaged and part of the discussion to agree on the rules of the road as they relate to crypto. It isn’t going away, and we have a responsibility to be here and be part of the solution.\u201d <\/p>\n
\u201cIt’s important, and it’s legitimate to call out the self-dealing from the Trump administration related to hawking meme coins from the White House,” she continued. “It’s corrupt. It’s wrong, and it makes this process of coming together to regulate crypto more partisan than it needs to be.\u201d <\/p>\n
Meanwhile, Waters and other House Democrats gathered in a separate room, with an alternate set of witnesses. Lynch joined the Democrats\u2019 hearing after delivering his remarks at the roundtable. <\/p>\n
\u201cI, in good faith, could not provide my consent because our Republican colleagues refuse to address the unprecedented conflicts of interest presented by President Donald Trump and his family,\u201d Waters said. <\/p>\n
\u201cI am deeply concerned that Republicans aren\u2019t just ignoring Trump\u2019s corruption, they are legitimizing Trump and his family\u2019s efforts to enrich themselves on the backs of average Americans,\u201d she added. <\/p>\n
Waters\u2019 effort to block the joint hearing came after Republican leaders released a discussion draft of market structure legislation Monday. <\/p>\n
A Democratic aide told the Hill that Waters had informed the chair she would not approve the joint hearing unless legislation included provisions to block Trump from profiting from the industry, which he declined to do. <\/p>\n
She released a separate discussion draft of legislation Monday that would bar the president and members of Congress from owning crypto assets or firms. <\/p>\n
Crypto legislation is facing new hurdles in both chambers of Congress. Several crypto-friendly Senate Democrats pulled their support from a stablecoin bill over the weekend, after Senate Majority Leader John Thune (R-S.D.) sought to expedite a floor vote. <\/p>\n
A Democratic aide told the Hill that Democratic lawmakers were blindsided by the floor text of the GENIUS Act, the Senate version of the stablecoin framework, which they had not seen prior to its release last week. <\/p>\n
Sen. Ruben Gallego (D-Ariz.), ranking member of the Senate Banking Digital Assets Subcommittee, accused Republicans of attempting to force through the legislation without further negotiation. <\/p>\n
\u201cIt seems they want us to suck it up and vote for this bill without our input,\u201d Gallego wrote in a post on X on Sunday. \u201cThat\u2019s not what we expected during this negotiation and not how I operate. Our statement makes clear we won\u2019t let them jam us. Looking forward to continuing to get this bill to a better place.\u201d <\/p>\n
Senate leadership is preparing to bring the stablecoin bill to the floor Thursday, according to a source familiar with planning work.<\/p>\n
Updated at 12:41 p.m. EDT<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Several House Democrats walked out of a hearing on cryptocurrency legislation Tuesday, after Rep. Maxine Waters (D-Calif.) objected over concerns about President Trump\u2019s recent ventures in the digital asset industry. Waters,<\/p>\n
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