Trump’s crypto ties cloud legislation in Congress
Leadership on the US House Financial Services Committee is divided on regulating digital assets, particularly due to President Trump's potential conflicts of interest. Maxine Waters expressed concerns during a June 4 hearing that the Digital Asset Market Clarity (CLARITY) Act could enable Trump to profit from crypto investments, citing a dinner he hosted for memecoin holders. Waters criticized the bill for lacking investor protections and for exempting risky activities, which could harm constituents and jeopardize national security. HFSC Chair French Hill noted the absence of a federal framework for digital assets, leading to uncertainty for investors. Witnesses at the hearing largely did not address Trump's conflicts, although former CFTC Chair Timothy Massad highlighted the need to clarify whether Trump's actions serve public or personal interests. Waters introduced legislation to prevent top officials from engaging in the crypto industry amid ongoing discussions about other crypto bills in Congress.
