The leadership of the House Financial Services Committee (HFSC) seems to struggle to reach a consensus on how to regulate digital assets, especially in the context of potential conflicts of interest involving President Trump and the industry.
At a hearing on June 4, senior committee member Maxine Waters expressed concerns again, pointing out that if the bill lacks clear provisions, Trump might exploit the Clarity Act to further "profit" from cryptocurrencies.
The California representative cited an example where Trump hosted a dinner for top meme coin holders, with participants reportedly paying around $148 million, and suggested that Trump might use market structures to "transfer the public's funds into his digital wallet."
"This rushed and overly complex bill will increase the risk of investor harm, a risk that is already rampant in today's crypto market," Waters said regarding the proposed Clarity Act.
"Some of the riskiest activities are broadly exempt from this bill, and when our constituents' funds disappear, they will have nowhere to turn. This bill puts our national security at risk and does not include penalties for crypto crimes."
The Clarity Act, introduced by Republicans and co-sponsored by three Democratic lawmakers on May 29, is positioned as a bipartisan legislative effort aimed at establishing basic rules for the cryptocurrency industry.
Many Democratic lawmakers are calling for an investigation into the connections between Trump and the crypto platform World Liberty Financial, supported by his family, as Congress considers legislation to regulate payment stablecoins and establish a market structure framework.
"Currently, there is a lack of a federal regulatory framework in the digital asset space," HFSC Chairman French Hill stated at the June 4 hearing. "The SEC and CFTC have no clear jurisdictional boundaries over digital assets, leaving investors and entrepreneurs in a state of uncertainty, which often hinders innovation."
With one exception, witnesses invited to testify at the hearing did not mention Trump's potential conflicts of interest in their opening statements, including former CFTC Chairman Rostin Behnam, former SEC Commissioner Elad Roisman, and Uniswap Labs Chief Legal Officer Katherine Minarik. In response to questions raised by Waters, former CFTC Chairman Timothy Massad stated that Trump's cryptocurrency activities are a "stain" on the industry and pose national security concerns.
"We cannot currently determine whether the president's actions are in the best interest of the United States or if they are aimed at promoting his personal wealth accumulation," Massad said. "I think we must address this issue. If we do not, I do not understand how we can advance and create a framework for this industry."
In May of this year, Waters proposed legislation that explicitly prohibits the president, vice president, members of Congress, and their families from participating in the industry. On the same day the bill was proposed, Trump hosted a meme coin dinner at his golf club. Although the White House claimed the event took place during "his personal time," Trump spoke from a podium bearing the presidential seal.
The House Agriculture Committee held another hearing on June 4 to discuss the digital asset framework. Senior member Angie Craig stated that Trump is making efforts to pass cryptocurrency legislation "more difficult," noting that Trump might profit from the industry using non-public information, including through his meme coins.
The Senate's Guidance and Establishment of a National Innovation Act for U.S. Stablecoins (GENIUS Act) aims to regulate payment stablecoins, and the House's market structure bill may continue to face strong opposition from Democratic lawmakers and other legislators who do not support legislative proposals lacking specific provisions to address Trump's connections to cryptocurrencies. The GENIUS Act passed a key vote in May, qualifying it for submission to the full chamber for consideration, while as of May 29, the Clarity Act remains under review by the House Financial Services Committee.
Related: Ukraine arrests a man for invading custodial accounts to mine cryptocurrency
Original article: “Trump's Cryptocurrency Ties Cloud Digital Assets Legislation in Congress”
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