'In His Digital Wallet': Democrats Blast Latest Trump-Backed Crypto Product During House Hearing
Crypto products associated with Donald Trump are complicating regulatory discussions on digital assets, according to Rep. Maxine Waters. Trump’s Solana-based meme coin aims to shift financial control to his digital wallet while undermining financial regulators. The House Financial Services Committee discussed the Digital Asset Market Clarity Act, which seeks to clarify regulations for crypto markets, but attention shifted to Trump’s new crypto offerings. Waters claimed Trump’s wealth has increased by $2.9 billion due to his crypto ventures, including NFTs and a stablecoin. A previous hearing was disrupted by a Democratic walkout over Trump’s exclusive offers to meme coin holders. Critics, including former CFTC chair Timothy Massad, highlighted potential conflicts of interest in Trump profiting from crypto legislation. The House recently passed the FIT21 bill, which previously failed despite Democratic support, while lawmakers are also considering stablecoin regulations.
