It seemed that the leadership at the American Committee for Financial Services (HFSC) seemed to be a common coating on how to regulate digital assets among potential conflicts of the interests of President Donald Trump in the industry.

At the trial of June 4, a member of the Maxine Waters committee he repeated Fears that without explanation under the Act Trump could exploit the act on the brightness of the digital asset market (clarity) to further “cash” on cryptography.

A representative of California quoted examples of the president organizing dinner for his best Memecoin owners, who reportedly paid about $ 148 million for the possibility of participation, and suggested that Trump could exploit the market structure to “put” [Americans’] Money in your digital wallet. “

“This has fallen, too complicated an account will enhance the damage to investors that are already crazy in today’s cryptographic market,” said Waters, referring to the proposed Act on clarity.

“Some of the most risky actions are essentially released from the Act, leaving our voters without turning to anyone when their money disappears. The Act exposes our national security and does not contain penalties for cryptographic criminals.”

The Act on clarity, introduced by Republicans with three democratic components on May 29, was marked as a two -sided legal act trying to establish the rules of the road for the cryptocurrency industry.

Many democratic legislators called to investigate Trump’s connections with his family cryptographic platform of World Liberty Financial and his other digital assets, because Congress considers the provisions regarding the regulation of Stablecoins payments and establishing the framework of the market structure.

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“There is currently no federal framework for digital assets,” said HFSC French Hill chairman at the trial of June 4. “SEC [Securities and Exchange Commission] and CFTC [Commodity Futures Trading Commission] They do not have clear jurisdiction boundaries in relation to digital assets, leaving investors and entrepreneurs in a state of uncertainty and often discourage innovation. “

Save One, none of the witnesses called to testimony at the interrogation, turned to the potential conflicts of Trump’s interests in opening statements, including the former chairman of CFTC Rostin Behnam, former commissioner Sec Elad Roismman and legal director Uniswap Labs Katherine Minarik. In response to the questions posted by Waters, the former chairman of CFTC Timothy Massad said that the activities of Trump’s cryptocurrencies were “contaminating” the industry, which was concerned about national security.

“We can’t say now to what extent the president does something because he is in the best interest of America or because he helps to promote his personal enrichment,” Massad said. “I think we have to take care of it. I don’t understand how we can go forward and try to create a frame for this industry, if we don’t do it.”

In May, Waters introduced regulations regarding the clear blocking of the president, vice president, members of the congress and their families before engaging in the industry. Bill came the same day when Trump was the host of Memecoin dinner in his golf club. Despite the claims from the White House that the event was “at his personal time”, Trump spoke from the varnish with the US presidential seal.

The Chamber’s Agriculture Committee had a separate interrogation on June 4 to discuss the digital assets. Ranking member of Angie Craig he said Trump tried to adopt cryptocurrency legislation “much more hard”, citing the potential of using private information to benefit from the industry, including through his Memecoins.

Cryptographic browsing bills in the Chamber and Senate

Both the guide and establishing domestic innovations for American Stablecouins or a genius to settle Stablecouins in the Senate, and the Act on the market structure in the Chamber may meet with further redemption of democrats and legislators against legislation without a specific carving to deal with Trump’s cryptocurrencies. The Genius Act has already adopted a key voting in May, allowing it to be considered by the full chamber, while the brightness Act remained in the House financial services committee as at May 29.

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