During today’s markup hearing on the STABLE Act, instead of focusing on the substance of the stablecoin bill, most Democrats highlighted the conflicts of interest created by the Trump family controlled stablecoin. Last week World Liberty Financial, an entity 60% owned by the Trump family, announced plans to issue a stablecoin, USD1.
Update: Ultimately several Democrats supported the bill which was passed by the Committee with a 32-17 vote.
Earlier this week, House Financial Services Committee Chair French Hill mentioned that the recent announcement of the Trump family’s stablecoin had complicated legislative efforts. Committee Ranking Member Waters said this was the understatement of the year.
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