1005 Alcyon Dr Bellmawr NJ 08031
+1 484-446-2566
support@bmcpros.com
Republican lawmakers from the House Financial Services Committee (HFSC) have delayed concerns that U.S. President Donald Trump could personally profit from his exposure to the cryptocurrency industry and dismissed the claim as a political “drama” in the ongoing debate on digital asset legislation.
At a June 6 hearing organized by the Democrats, HFSC ranking member Maxine Waters argued that lawmakers should focus on information not yet discussed at the committee hearing on June 4, involving attention to the Digital Asset Market Clarity Act. The debate over the crypto market structure bill, which is expected to vote on June 10, has been called for rules to be made to prevent Trump from using legislation to achieve his personal interests.
Bryan Steil, the representative of the Chairman’s Digital Assets Committee, appears to see criticism as “Trump Danger Syndrome”, a term used to refute criticism surrounding the president. Cointelegraph contacted a Steil spokesperson for comment, but received no response at the time of publication.
“My Republican colleagues refused to even recognize President Trump’s crypto corruption, which undermined their efforts to pass this bill,” Stephen Lynch said. “I think it’s out of presidential fear and rebound.”
It is unclear whether Democrats’ efforts will gain enough support among members of their parties or Republicans to slow or stop the passage of the Clarity Act. Before Trump rewarded his memorial holder’s dinner on May 22, Waters introduced a separate bill to prevent the president, vice president, congressmen, and their families from participating in digital assets.
According to Waters during the June 6 hearing, Trump “is abusing his position as president to make himself rich in cryptocurrency.” She continued:
“There is no provision in this Act (CLALITY ACT) that addresses the crimes I have filed. In fact, the Act only legalized the Act.”
Rep. Warren Davidson also spoke at the hearing, promising “100% of Democrats oppose the progress of the bill.”
Related: WLFI sends stop and debate letters to “unauthorized” Trump wallet – Report
https://www.youtube.com/watch?v=vkc5qcrvdc0
Market structure bills to solve SEC, CFTC roles
Amanda Fischer, Director of Policy and Chief Operating Officer, was a witness at the hearing, posed other questions about the president’s indirect handling of digital assets through the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Several commissioners from both agencies are expected to resign or leave without nominations.
“Financial regulators are under siege,” Fischer said. “The Democratic Party committee member nominated by the president and confirmed by the Senate has no reason to be fired. Soon, the CFTC will have only one commissioner. By the end of the year, the SEC will boil down to a three-member committee of all Republicans, despite having a statutory mandate for bipartisan cooperation.”
The Senate Agriculture Committee plans to consider Trump’s nomination for Chairman Brian Quintenz on June 10. Acting CFTC President Caroline Pham and Commissioner Kristin Johnson both announced plans to leave the agency, potentially leaving Quintenz as Quintenz as the sole commissioner.
Under the chairmanship of Paul Atkins, the SEC can also see leadership in 2027, leaving with the expected departure of Commissioner Caroline Crenshaw. Hester Peirce, the agency’s chief of crypto task force, expires on June 5. The two commissioners will be up to 18 months after their term ends, if not replaced by Trump’s Senate-mergered draft pick.
Magazine: Trump’s cryptocurrency business sparks conflict of interest, insider trading issues