California representative Maxine Waters, classification member of the American financial services committee, used his declaration of opening during an audience of increase to criticize the affairs and ethical tangles of President Donald Trump with the cryptographic industry, including the launch of a stablecoin by a family supported by the family.
Addressing the legislators at an audience of April 2, Waters said that Trump had used his post as president to take advantage of “several cryptographic regimes” for lucrative purposes, including stablecoin to an American dollar launched by World Liberty Financial (WLFI) – The company supported by his family.
The Californian legislator stressed that Trump’s same was launched in January, his plans to establish a stock of national cryptocurrency and “his own stablecoin”, referring to the WLFI USD1 token launched in March.
Rep. Maxine Waters addressing the Chamber’s Financial Services Committee on April 2. Source: GOP financial services
“With this bill on stables, this committee establishes an unacceptable and dangerous precedent, validating the president and the efforts of his initiates to write road rules that will be enriched to the detriment of all the others,” said Waters, adding:
“Trump probably wants the whole government to use stablecoins of the payments made by the Ministry of Housing and Urban Development, to social security payments, to taxes. And which room do you think that Trump would replace the dollar with his, of course.”
Waters is not alone in his criticism of Trump’s cryptographic companies, with many legislators and experts through the political spectrum suggesting conflicts of potential interests.
The president of the French Hill committee, who spoke of Stablecoins before Waters, would also have declared that the involvement of the Trump family in the industry makes laws “more complicated”.
“If there is no effort to block the President of the United States of America […] I can never agree on the support of this bill, and I would ask other members not to be catalysts, “said Waters.
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Representative Bryan Steil, who presented the transparency and responsibility of the stablescoin for a better economy in the big book, or a stable act, did not immediately respond to the concerns of the Waters concerning Trump’s stablecoin but referred to the establishment of guarantees for consumers.
Hill did not mention Trump in his declaration of opening, but said that there should be a “clear federal framework” for payment stables.
Cryptographic legislation moving through the congress
The Committee will examine changes to the stable law, as well as bills to combat illicit financing using emerging financial technologies and prevent the US government from issuing a digital currency of the Central Bank, or CBDC.
The increase hearing was a necessary step before the Committee could vote on the advisability of advancing bills in the House of Representatives.
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