Republicans from the House Financial Services Committee (HFSC) disagreed with concerns that US President Donald Trump could personally benefit from exposure to the crypto industry, and dismissed the claim as a political “theater” amid ongoing debate over digital assets laws.
At a June 6 hearing hosted by Democrats, HFSC Rankings member Maxine Waters defended that the focus should be on “information not being investigated during committee hearings” on June 4th. The debate over the Crypto Market Structure Bill, which is expected to head to the June 10th vote, is partly hidden by a provisional request to prevent Trump from potentially using the law for his personal interests.
Rep. Brian Steele, who chairs the Digital Assets Committee, appears to dismiss the criticism as “Trump Franguement syndrome,” a term used to dismiss criticism surrounding the president. Cointelegraph contacted a Steil spokesperson for comment, but did not receive a response at the time of publication.
“My Republican colleagues refuse to even admit Trump’s code corruption, which undermines efforts to pass this bill,” said Rep. Stephen Lynch, following Steil’s remarks. “I expect fear and repulsion from the president.”
It is unclear whether Democrats’ efforts will attract sufficient support among their parties or Republicans to delay or stop the passage of the Clarity Act. Before rewarding his memokine holders before Trump’s dinner on May 22, Waters introduced another bill to block the president, vice president, members of Congress and their families from engaging in digital assets.
According to Waters at a June 6 hearing, Trump “abusing his position as president and enriching the code.” She continued:
“The single provision within this bill (the Clarity Act) does not address the crime I presented. In fact, this bill only justifies it.”
Also during the hearing, Rep. Warren Davidson promised “100% Democrats’ opposition to the progress of this bill.”
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https://www.youtube.com/watch?v=vkc5qcrvdc0
SEC, Market Structure Legislation to Address the Role of CFTC
Better Market Policy Director and Chief Operating Officer and witness at the hearing, Amanda Fisher addressed other concerns regarding the indirect treatment of digital assets through the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Some of the commissioners of both agencies are expected to resign or depart without a candidate.
“The financial regulatory bodies are under siege,” Fisher said. “The Democrat commissioner nominated by the president and confirmed by the Senate has been fired for no reason. Soon, the CFTC has only one director. By the end of the year, the SEC is on a three-person committee of all Republicans.
The Senate Agriculture Committee is scheduled to consider the appointment of Trump’s Brian Quintz, who will chair the CFTC on June 10th.
Under the chairman of Paul Atkins, the SEC was able to see leadership reforms by 2027 with the expected departure of Commissioner Caroline Crenshaw. Commissioner Hester Perth, who leads the agency’s Cryptographic Task Force, serves a term that expired on June 5th. Both commissioners can serve up to 18 months after their term ends, if they are not replaced by a pick from Trump agreed by the Senate.
Magazine: Trump’s crypto venture causes conflicts of interest, insider trading questions
