Representative Maxine Waters, ranking member of the House Financial Services Committee, led a walkout of a hearing addressing the Republican-drafted crypto market structure bill on May 6, citing the need to explore “Trump’s crypto corruption.” A group of nine Democrats in the Senate likewise said they will not support the GENIUS stablecoin bill in its current form, suggesting stronger Anti-Money Laundering, foreign issuer, and national security safeguards.
The Treasury Secretary, a Trump nominee, has stood by the president for significant announcements in crypto-aligned policy, including an executive order to establish a sovereign wealth fund and as a member of a working group to explore federal regulations for stablecoins and a national crypto stockpile.
Related: Bitcoin ‘Realized Cap’ hits $890B as BTC traders focus on recapturing $100KDemocrats push back on crypto bills amid memecoin dinner controversyEven before announcing that he intended to hold an exclusive dinner and VIP tour for some of his top memecoin holders, Trump faced scrutiny from many lawmakers over allegations of conflicts of interest surrounding his crypto ventures.
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Author / Journalist: Cointelegraph by Turner Wright
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