Yesterday US Democrats ramped up their response to President Trump’s family involvement in the cryptocurrency sector and the appearance of conflicts of interest. Democrat Ranking Member Waters of the House Financial Services Committee walked out at the start of a joint hearing with the Agriculture Committee on digital assets, with several other Democrats joining her.
Additionally, Senator Richard Blumenthal, Ranking Member of the US Senate Permanent Subcommittee on Investigations opened a preliminary inquiry into the $TRUMP memecoin and World Liberty Financial (WLF), the cryptocurrency firm majority owned by the Trump family, which recently launched the USD1 stablecoin.
Over the weekend some pro-crypto Democrats withdrew support for the GENIUS Act, the Senate bill that aims to regulate stablecoins. Having received a positive vote by the Senate Banking Committee, the law is up for a vote in the full Senate tomorrow (8 May). The leader of the withdrawal, Senator Ruben Gallego, seemed optimistic about potential changes to the bill ahead of Thursday’s vote, according to Politico.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
