In short
- Huisdemocrats prevented a crypto-oriented hearing from going on Tuesday due to protest from President Trump’s crypto companies.
- Rep. Maxine Waters, who led the extension to the outside, said that the goal was to add language to crypto accounts that prevent the president from the sector to benefit as he was in office.
- The dramatic impasse emphasizes how escalating tensions threatening fragile dual support for crypto legislation.
Huisdemocrats organized a strike of a digital asset-oriented hearing on Tuesday, in which party leadership threatened that President Donald Trump’s personal crypto companies could derail tweed knowledge to be crypto legislation pending legislation.
Ranking list of the Huis Financial Services Committee Maxine Waters (D-CA) led the indictment and objected from the start against the hearing meeting. A dramatic scene then followed, with Democrats, including Rep. Stephen Lynch (D-MA) who shouted a list of crypto-related profits that the president harvested during his office, and shout home republicans about them to stop.
“President Trump’s crypto transactions are estimated at a total of $ 2.9 billion and almost 40% of his total wealth!” Lynch exclaimed, like Rep. Bryan Steil (R-Wi) The representative demanded stop speaking.
“The Lord is no longer recognized!” Still repeated several times before the order was mentioned in the Chamber.
Various Democrats, led by waters, then walked outside to convene a separate round table across the street, centered on ‘Trump’s crypto corruption’.
Moments for the strike, Waters said Decrypt that the aim of the stunt was to force language pending stabile and market structure accounts that would prevent the President Crypto companies from working. Last month, House Democrats proposed various changes in that sense, but the Republican majority of the Financial Services Committee shoot Each of them.
“We came close to getting a Stablecoin account, but Trump has been so incredibly cheeky with his ownership of a crypto company, a stablecoin,” Waters said Decrypt. “Enrich himself and his family, persuading investors by bringing them to the White House. It’s just too much.”
Yesterday, Trump announced that, in addition to organizing a dinner later this month in his golf club in Washington area for the top 220 holders of his meme-munt, he will also offer the top 25 holders of the Token a Private reception And a tour of the White House. In recent days, American companies have started buying millions of dollars, which acts under the Trump Ticker, hoping to score a chance lobby the president Face-to-face.
Last week at a crypto conference in Dubai, the sons of the President unveiled a $ 2 billion deal supported by the Government of the VAE that will involve the Crypto company of the Trump family, World Liberty Financial, and its Stablecoin, USD1. The announcement led to one riot Among Democrats.
Today’s hearing should initially focus on a newly unveiled design of the house Market structure accountThat a framework would create for the American regulation of most digital assets. In its last form, the bill would put an end to SEC supervision on most top crypto -tokens.
After the flashy walk of the Democrats this morning, the meeting then shifted to a more informal round table, with crypto -industrial leaders and former supervisors who testify and answer questions about industrial regulation on a thinner panel of mainly Republicans.
Greg Tusar, head of the Institutional Coinbase product and one of the participants of the round table, spoke positively about the new market structure design when he was asked to share his thoughts.
“It’s a strong step,” he said.
Halfway through the round table, rep. Steil, chairman of the house subcommittee on digital assets, admonished Democrats before leaving the event, and argued that they had not adopted the required regulation.
“I think the danger that we have in this country is that if we put our heads in the sand and do not regulate this space, we actually have more risk than we do today,” he said.
Rep. Stephen Lynch and a handful of Democrats remained for some time with the main round to keep expressing their opinion.
“Brick brick, President Trump shows us how democracies die,” Lynch said during the session. The Democrat then warned the participants at the round table that the Crypto transactions of the president did not affect their industry.
“You want credibility. You want to have faith,” he said. And I don’t think you get that from [Trump’s crypto deals]. “
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