Washington, DC – The cryptocurrencies of the president of the United States, Donald Trump, were again under the microscope during a hearing of the Financial Services Committee of the House of Representatives that otherwise saw legal experts express their concern about how regulators could monitor digital assets under a market structure bill.
The committee held a “minority” audience, which means that witnesses were chosen mainly by the Democrats, the current minority party in the Chamber, on Friday, allowing legislators to ask more specific questions about the concerns they have with the law of clarity of the digital asset market, the market structure legislation led by the Republicans who will receive a vote of marking next week.
Maxine Waters, the Classification Democrat in the committee demanded by this extracurricular hearing after the panel met at the beginning of the week on the same subject, said the various efforts of Trump cryptography in his opening statement, saying that his goal was to prevent Trump from benefiting from his cryptographic companies to the extent that he has been.
“What I oppose in this law … is the crooked president of the United States of America, who decided to use the presidency’s office to improve his access to profits,” Waters said.
Republicans focused on a different tactic: “Currently, there is no federal framework for digital assets that are not security,” said the president of the committee, French Hill, on his own opening statement, a resonant position for his colleagues Bryan Steil and Warren Davidson. They argue that the Democrats and the administration of former President Joe Biden allowed the years to pass those who could not protect consumers by not offering rules to supervise cryptography.
Crypto has taken an ideological wedge to the Democratic Party in Capitol Hill, with many Democrats, generally biased towards younger members, supporting the progress of digital asset legislation despite the leadership of their leadership. The majority of the Democrats who attended this bonus hearing on the clarity law were in the cryptocritical field, although the representative Jim Himes, a Connecticut Democrat, has supported the cryptographic law in the past and questioned the witnesses at the hearing about their concerns that the bill may include lagoons that could allow financial companies for the financial companies dodge
HIMES, a vote of itself on last year’s predecessor to the law of clarity, financial innovation and technology for the law of the 21st century, or FIT21, said that some of the provisions in the new effort may allow a size that can be abused by certain types of emitters under regulations of the Bag and Securities Commission.
The law of clarity itself is more complicated than it should be and does not address some of the cyber security risks raised for the cryptocurrency industry, said Carole House, former White House advisor who is now now a main member at the Geoeconomy Center of the Atlantic Council. He pointed out the recent cryptography tricks, including Crypto Exchange Bybit, as an example.
Amanda Fischer, policy director In Better Markets, a group of Washington that advocates the financial policies that favor the public, said that their biggest problem was with the exceptions that exist so that companies seek regulation under the future commission of futures of basic products instead of the stock exchange and values commission, saying that it could provide lagoons for the issues or other cryptographic companies that would be regulated in another way and would be subject to the other way of values and the registration requirements.
But as seen in other recent audiences, Trump’s cryptographic ties reappeared as the show star.
Bart Naylor, an expert in Public Citizen policy And a former investigator of the Senate Banking Committee said he believes that Trump specifically requests gifts through his memecoin and sells favors through actions such as his Memecoin dinner or ending SEC demands against companies that donated money.
White House officials have routinely denied that Trump exhibits a conflict of interest in their search for commercial profits of digital assets.
Waters had organized a strike last month of what was destined to be a joint audience of this and the Agriculture Committee of the Crypto Chamber of Policy, although industry experts were careful to notice that not all the Democrats of the panel followed the game of Waters.
Read more: planned cryptography audience in the house of the United States derailed by the Democratic revolt
