Jackson Hole, Wyo. – Despite the growing bipartisan efforts to bring a clear regulation to the digital asset industry, a main problem that gets in the way to approve legislation in the United States is President Donald Trump and his family’s actions in the sector, according to the representative Angie Craig (D-minn)
“It is no secret that my side of the hall would prefer not to see any acting president, I will not appoint one, participate in this market while I was an acting president unless these assets have a sealed confidence,” Craig said on stage at the Salt Conference in Jackson Hole on Wednesday.
Trump, as well as his family, particularly Eric Trump, who was present at the place during the appearance of Craig, have built businesses in the industry, particularly since Trump resumed the office last January.
Trump has issued several memes coins linked to his name and social media platform, Truth Social, has requested several funds quoted in the stock market. Eric Trump co -founded American Bitcoin, a mining company owned by Hut 8.
Craig, who was joined by representative Bryan Steil (R-Wi.)He talked about the law of clarity of the digital asset market that the Chamber approved with a mass bipartisan vote last month. The Senate Banking Committee is working on its own version of Crypto Market Structure legislation.
While most Republicans are in favor of the bill, many Democrats remain skeptical, and a great reason for that is the participation of the Trump family in the industry, Craig said.
“The elephant in the room here is the president’s participation in this market and that is an obstacle to get more Democrats to support legislation,” he said.
Craig said that while there is any language in the legislation that limits this conflict of interest, a stronger tone is needed to convince some legislators.
“If we could find some language that allows or prevent conflicts of interest, from our perspective, I think it would see many more Democrats to support it,” he said.
Craig is the classification member in the Chamber of Agriculture Committee, which means that he is the main Democrat in that committee. This is not the first time that refers to the Trump family crypto links: during a committee hearing in June on the clarity law, he said that his cryptography actions were “making this debate difficult” and suggested that Congress should add restrictions on how the president of the United States can trade in the markets supervised by the CFTC, including Crypto.
Despite his comments, Craig still voted to advance in the clarity law without adding such language.
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