Leadership in the US Chamber of Financial Services Committee (HFSC) seemed not to achieve common ground on how to regulate digital assets in the midst of potential interest in President Donald Trump with industry.
During a hearing of June 4, the classification member of the Maxine Waters committees reiterated the concerns according to which, without clarification in the bill, Trump could use the law on the clarity of the digital asset market (clarity) to “collect” the crypto.
The representative of California cited examples of the president organizing a dinner for his best holders of the same, who would have paid around $ 148 million for the opportunity to attend, and suggested that Trump could use the structure of the market to “put [Americans’] Money in its digital portfolio.
“This rushed and too complicated bill will increase the damage to investors, which are already taking place in today’s cryptography market,” said Waters, referring to the proposed clarity law.
“Some of the most risky activities are largely exempt from the bill, leaving our voters with anyone to turn when their money disappears. The bill endangered our national security and does not contain any penalty of cryptographic criminals. ”
The Clarity Act, introduced by the Republicans with three Democratic co-sponsors on May 29, was qualified as bipartite legislation which tries to establish road rules for the cryptographic industry.
Many Democratic legislators have called for Trump’s links with its cryptographic platform supported by the World Liberty Financial family and their other digital asset investments while the Congress considers legislation to regulate payment stable and establish a market structure framework.
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“Currently, there is no federal framework for digital assets,” said HFSC French Hill president at the June 4 audience. “The dry [Securities and Exchange Commission] and CFTC [Commodity Futures Trading Commission] Do not have clear jurisdictional limits on digital assets, leaving investors and entrepreneurs in a state of uncertainty and often discouraging innovation. »»
Except one, none of the witnesses called to testify during the hearing addressed Trump’s potential conflicts of interest in their opening declarations, notably the former president of the CFTC, Rostin Behnam, the former SEC Elad Roisman commissioner and the UNISWAP Labs, Katherine Minarik. In response to the questions raised by Waters, the former president of the CFTC, Timothy Massad, said that Trump’s crypto activities were a “defilement” on the industry that presented national security problems.
“We cannot say now to what extent the president does something because it is in the best interest in America or because it helps to promote his personal enrichment,” said Massad. “I think we have to approach this. I do not see how we can go ahead and try to create a framework for this industry if we do not do that. ”
In May, Waters introduced legislation to explicitly block the president, the vice-president, the members of the congress and their families to engage in the industry. The bill came the same day that Trump organized his same dinner in his golf club. Despite the claims of the White House that the event was led “in his personal time”, Trump spoke of a desk with the American presidential seal.
The Chamber’s Agriculture Committee had a separate audience on June 4 to discuss a digital asset framework. The member of the ranking, Angie Craig, said that Trump made the effort to adopt “much more difficult” cryptography legislation, citing the potential to use non -public information to take advantage of the industry, including through his same.
Crypto Bills being examined in the House and Senate
The orientation and establishment of national innovation for American stables, or engineering, act to regulate the stables of payment in the Senate and the bill on the structure of the market to the House could face a continuous repression of democrats and legislators opposed to legislation without a specific traction to address Trump’s cryptography. The Act on Engineering has already adopted a crucial vote in May, which allows it to be examined by the full chamber, while the law on clarity remained under the study within the committee of financial services of the Chamber to May 29.
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