Democrats walk out of crypto hearing after tense moments [View all]
Source: Reuters
May 6, 2025 3:14 PM EDT Updated 4 hours ago
May 6 (Reuters) - Tensions on Capitol Hill over President Donald Trump's various cryptocurrency ventures escalated on Tuesday and threatened to derail the digital asset sector's hope of legislation by the end of this year as a top Democratic lawmaker stalled efforts to debate a bill. Although Congress had appeared likely earlier this year to pass legislation governing digital assets for the first time, Democrats have grown increasingly frustrated as Republican Trump and his family members have promoted their personal crypto projects.
Representative Maxine Waters' objection to a joint hearing scheduled for Tuesday effectively cancelled proceedings between the House Financial Services Committee and the House Agriculture Committee, which were due to discuss creating a new legal regime for cryptocurrencies. Trump's crypto ventures include a so-called meme coin called $Trump, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president.
Trump on social media has promoted a private dinner later this month for the top holders of his meme coin, along with a "special VIP tour" for a select few investors. The business endeavors have drawn criticism from government ethics experts and political opponents over potential conflicts of interest, especially because Trump courted cash from the crypto industry on the campaign trail and pledged to overhaul regulations for the sector. They have also put further legislation this year related to cryptocurrency in doubt as some lawmakers have expressed concern about self-dealing.
"I cannot in good faith agree to such a hearing to discuss crypto market structure while Republicans refuse to stop or even acknowledge Trump's abuse of power," Waters said in a statement ahead of the scheduled hearing.
Read more: https://www.reuters.com/sustainability/boards-policy-regulation/trumps-crypto-ventures-cause-tensions-bubble-over-democratic-lawmaker-scuttles-2025-05-06/
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