The involvement of President Donald Trump’s family in the cryptocurrency industry was creating problems in the progression of a bill designed to regulate the sector, a senior Democratic legislator said on Wednesday.
What Happened: The House Financial Services Committee hearing, focused on the Digital Asset Market Clarity Act, also known as the CLARITY Act, witnessed Democrats expressing concerns about Trump’s engagement with cryptocurrencies.
Rep. Gregory Meeks (D-N.Y.) said, “I wish we could be debating the merits of the CLARITY Act, but the President and his family’s egregious crypto conflicts of interest cannot be ignored.”
House Financial Services Chair French Hill (R-Ark.), who introduced the bill last week, asked for a productive dialogue. “We should aim to identify areas of consensus within the legislation and thoughtfully address provisions that may require further refinement.”
See Also: Crypto.com Suspends These Withdrawals, Deposits On Solana Chain
Why It Matters: The Republican-led legislation aimed to provide a clear regulatory framework for the cryptocurrency industry, including how the Securities and Exchange Commission and the Commodity Futures Trading Commission will oversee the sector.
Democrats have been pushing back against the bill. Last month, Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, voiced objections, insisting on a provision in the legislation that would address the Trump family's cryptocurrency endeavors.
The Trump family's cryptocurrency ventures, including the Official Trump (CRYPTO: TRUMP) meme coin and the World Liberty Financial USD (USD1) stablecoin, have been a major point of contention, leading to calls for regulatory oversight.
Sen. Cynthia Lummis (R-Wyo.) said earlier this week that the Senate was also preparing to push a similar bill with minor tweaks and with bipartisan backing.
Photo Courtesy: Kirill Aleksandrovich on Shutterstock.com
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- Elon Musk, Who Called Trump’s ‘One Big Beautiful Bill’ A ‘Disgusting Abomination,’ Responds To Coinbase CEO’s Warning That Bitcoin Could Replace Dollar If Congress Isn’t Held Accountable – Benzinga
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
