Trump’s crypto ties cloud digital assets legislation in Congress

Members in two House committee hearings debated a framework for digital assets while raising concerns about the US president using his position to profit from the industry.

Leadership on the US House Financial Services Committee (HFSC) seemed like they were not going to reach common ground on how to regulate digital assets amid President Donald Trump’s potential conflicts of interest with the industry.

In a June 4 hearing, committee ranking member Maxine Waters reiterated concerns that, without clarification within the bill, Trump could use the Digital Asset Market Clarity (CLARITY) Act to further “cash in” on crypto.

The California representative cited examples of the president hosting a dinner for his top memecoin holders, who reportedly paid roughly $148 million for the opportunity to attend, and suggested that Trump could use the market structure to “put [Americans’] money in his digital wallet.”

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