US Lawmakers Clash Over Trump Meme Coin Launch, Crypto Regulation
Crypto industry advisers met with lawmakers to discuss the need for regulation in the digital assets space but avoided addressing President Trump's meme coin launch and related ventures. The U.S. House Financial Services Committee hearing highlighted differing views on crypto between Democrats and pro-crypto Republicans. Democrats expressed concerns over Trump's personal crypto initiatives, suggesting he may exploit his position for financial gain. Trump's meme token, Official Trump, experienced a significant value drop after an initial surge. Lawmakers are considering regulations for stablecoins, while Trump has campaigned as a pro-crypto Republican and supported various crypto projects. Under Trump's administration, the SEC has shifted its approach, dropping lawsuits against major crypto firms and launching a new task force. Critics argue that recent SEC guidance complicates the regulatory landscape for crypto platforms.
