During an audience on April 2, representative Maxine Waters criticized President Donald Trump’s involvement in cryptocurrency.
“With this bill on stables, this committee establishes an unacceptable and dangerous precedent, validating the president and the efforts of his initiates to write road rules that will be enriched to the detriment of all the others,” said Waters.
His remarks came while the Chamber’s Financial Services Committee discussed transparency and the responsibility of Stablecoin for a better law on the economy of the great book (stable), presented by the representative Bryan Steil. The bill focuses on consumer guarantees, but Waters argued that Congress deals with Trump’s financial links with crypto, legislation should not move forward.
The Committee has also examined changes to the stable law and other bills related to financial regulations, including measures aimed at combating illicit finance and preventing the government from launching a digital currency from the Central Bank (CBDC). The increase audience was a critical step before bills could move forward for a full vote in the House.
Waters urged his colleagues not to support stable legislation that would allow Trump to take advantage of the industry. “If there is no effort to prevent the President of the United States of America from having its activity as a stable (…), I can never agree on support for this bill, and I would ask other members not to be catalysts,” she said.
While Waters’ opposition was clear, Steil did not respond to his concerns about the involvement of Trump’s cryptography, rather stressing the need for regulatory surveillance in the industry.
The debate has highlighted increasing tensions on the regulation of digital assets, in particular as high -level figures like Trump become more involved. Some legislators believe that the government should establish clearer rules, while others are worried about conflicts of interest and political figures benefiting from the financial policies they influence.
Committee’s discussions will determine how cryptocurrency legislation is growing, legislators weighing the risks and benefits of the adoption of stablescoin in the American financial system.
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