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Democrats Walk Out of Crypto Hearing, Citing Trump’s Conflicts of Interest

On May 6, 2025, Democratic lawmakers, led by Representative Maxine Waters, staged a walkout during a joint House hearing on digital assets. The protest was in response to what they described as “the corruption of the President of the United States” concerning cryptocurrencies. Waters specifically highlighted President Donald Trump’s personal involvement in crypto ventures, including the launch of his memecoin and the operations of World Liberty Financial, a crypto platform associated with his family.

The hearing, initially convened by the House Financial Services and Agriculture Committees, was intended to discuss a bipartisan regulatory framework for digital assets. However, following the Democratic walkout, Republican lawmakers, led by Subcommittee Chair Bryan Steil, continued the session as a “roundtable,” sidestepping the formal hearing process.

In a parallel move, House Democrats released a draft bill titled the “End Crypto Corruption Act.” This legislation aims to prohibit U.S. presidents, vice presidents, members of Congress, and their immediate families from owning or promoting cryptocurrencies, including meme coins and stablecoins. The bill seeks to address potential conflicts of interest and ensure ethical standards in government dealings with digital assets.

The controversy has also impacted other legislative efforts. Senate Democrats have withdrawn support for the GENIUS Act, a bipartisan bill focused on stablecoin regulation, citing concerns over the Trump family’s crypto activities. This development underscores the growing political divide over cryptocurrency regulation and the challenges of establishing a cohesive policy framework.

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Written by 365int

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