Crypto market structure hearing devolves into partisan claims

Allegations on the president’s ties to the crypto industry and claims of “Trump derangement syndrome” clouded attempts to reach an agreement on a market structure bill in Congress.

Republican lawmakers on the House Financial Services Committee (HFSC) pushed back against concerns that US President Donald Trump could personally profit from his exposure to the crypto industry, dismissing the claims as political “theatrics” amid ongoing debate about digital assets legislation.

In a June 6 hearing organized by Democrats, HFSC ranking member Maxine Waters defended that the lawmakers should focus on “information that has not been explored during the committee hearing” on June 4, which dealt with concerns around the Digital Asset Market Clarity (CLARITY) Act. The debate around the crypto market structure bill, expected to head for a vote on June 10, has been partly shadowed by calls for provisions to stop Trump from potentially using the legislation to his personal benefit.

Representative Bryan Steil, who chairs the digital assets committee, seemed to dismiss criticisms as “Trump derangement syndrome,” a term used to dismiss criticism surrounding the president. Cointelegraph reached out to a Steil spokesperson for comment but had not received a response at the time of publication.

Read more