The leadership at the American House Financial Services Committee (HFSC) seemed to be that they were not going to reach the common base on how to regulate digital assets amidst possible struggles with the industry of President Donald Trump.
In June 4 hearing, Committee Ranking Member Maxin Waters Repeated Concerns that without clarification within the bill, Trump may use the Digital Asset Market Clarity (Clarity) Act for “Cash In” on Crypto.
The Representative of California cited examples of the President hosting a dinner for his top MEMCEN holders, who allegedly paid about 148 million dollars for the opportunity to participate, and suggested that Trump could use the market structure. [Americans’] Money in her digital wallet. ,
“This, highly complex bills, will increase the loss of investor, which is already running extensively in today’s Crypto market,” the Waters said, referring to the proposed clarity act.
“Some risk activities are roughly exempted from the bill, there is no one except our components when their money disappears. The bill risks our national security and has no punishment for criminals.”
The clarity act introduced by Republicans on 29 May with three Democratic cum-Publican was branded as a bilateral piece of law that attempted to establish road rules for the Crypto industry.
Several Democratic MPs have called Trump’s own family -backed crypto platform World Liberty Financial and their other digital asset investments to investigate Trump’s relationship as the Congress considers the law to regulate stabilcoins and establish a market structure structure.
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“Currently, there is no federal framework for digital assets,” said HFSC Chair French Hill at the June 4 hearing. “Second [Securities and Exchange Commission] And CFTC [Commodity Futures Trading Commission] There are no boundaries of the court on digital assets, release investors and entrepreneurs in a state of uncertainty and often discourage innovation. ,
Save one, any witness called to testify at the hearing addresses the possible struggles of interest in his initial statements by Trump, including former CFTC President Rostin Behnam, former SEC Commissioner Eld Rosmank and Chief Legal Officer of Uniswap Labs Catherine Minaric. In response to the questions raised by the Waters, former CFTC president Timothy Masad said that Trump’s crypto activities were a “tainted” on the industry that presented national security concerns.
“We can no longer tell what the President is doing to what the President is doing because it is in the best interest of America or because it is helping to promote his personal promotion,” said Masad. “I think we have to address it. I don’t see how we can move forward and try to create an outline for this industry if we do not do so.”
In May, the Waters introduced the law to clearly block the President, Vice President, Congress members and their families from being engaged in the industry. The bill came the same day when Trump hosted his Memcoin dinner at his golf club. Despite the claims of the White House that the event was “in his personal time”, Trump spoke to a lecture with US President Seal.
The House Agriculture Committee held a separate hearing on 4 June to discuss the digital asset framework. Ranking member Angie Craig Said Trump was trying to pass the Crypto law “very difficult”, which included the ability to use non-public information for profit from the industry, including their memecoins.
Crypto bill under review in House and Senate
Both the establishment and establishment of national innovation for the US Stabecrims, or Genius, work to regulate the payment stabechoin in the Senate and can face pushbacks from the market structure bill democrats and MPs in the House and opposed laws without a specific carving to address Trump’s crypto relationships. The Genius Act already passed an important vote in May, allowing it to be considered by the full room, while the Clarification Act was under consideration in the House Financial Services Committee until 29 May.
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