Crypto Market Structure Hearing Devolves into Partisan Claims
Republican lawmakers on the House Financial Services Committee (HFSC) dismissed concerns about President Trump's potential profit from the crypto industry as political theatrics. During a June 6 hearing, Democrats, led by Maxine Waters, emphasized the need to address unexamined issues related to the Digital Asset Market Clarity (CLARITY) Act, which is set for a vote on June 10. Waters accused Trump of abusing his presidential position for personal gain in crypto and criticized the CLARITY Act for not addressing these concerns. Representative Bryan Steil referred to the criticisms as “Trump derangement syndrome.” Waters previously introduced a bill to prevent Trump and other officials from engaging with digital assets. Amanda Fischer from Better Markets highlighted instability in financial regulatory agencies, noting upcoming departures of key commissioners. The Senate Agriculture Committee will consider Trump's nomination of Brian Quintenz for CFTC chair on June 10, amid concerns over agency leadership and bipartisan representation.
