Several House Democrats walked out of a hearing on cryptocurrency legislation after Rep. Maxine Waters (D-Calif.) raised objections concerning President Trump’s ventures in the digital asset industry. Waters, the top Democrat on the House Financial Services Committee, sought to block the joint hearing between the panel and the House Agriculture Committee, leading to tense exchanges among lawmakers.
House Financial Services Chair French Hill (R-Ark.) criticized Waters’ move, accusing her of injecting partisanship into bipartisan efforts to establish market structure legislation for digital assets. Despite needing unanimous consent to proceed officially, some lawmakers opted for an informal roundtable with the assembled witnesses.
Rep. Stephen Lynch (D-Mass.), ranking member on the House Financial Services Digital Assets Subcommittee, highlighted concerns about potential conflicts of interest tied to Trump’s crypto activities. However, Republicans moved forward with their roundtable, cutting off Lynch’s remarks.
Democrats held a separate hearing focusing on Trump’s crypto ties, as the president and his family have expanded their crypto portfolio. Waters emphasized her concerns about Republicans legitimizing Trump’s efforts to profit from the industry, which she described as corrupt and wrong.
The hearing took place after Republican leaders released a discussion draft of market structure legislation. Waters had sought provisions to prevent Trump from profiting from the industry, which were not included. A Democratic aide noted that Waters would not approve the joint hearing without such provisions.
Crypto legislation faces challenges in Congress, with some Senate Democrats withdrawing support for a stablecoin bill due to procedural concerns.
— new from The Hill
