Yesterday, American Democrats increased their response to President Trump’s family involvement in the cryptocurrency sector and the appearance of conflicts of interest. The waters of the members of the Democrats of the Chamber of Financial Services Committee came out at the start of a joint audience With the Agriculture Committee on digital assets, several other democrats joining it.
In addition, Senator Richard Blumenthal, classification member of the US Senate Senate undercomitment of surveys in surveys opened a preliminary survey on the $ Trump Memecoin and World Liberty Financial (WLF), the cryptocurrency company belonging to the Trump family, which recently launched the USD1 Stallecoin.
During the weekend, some Pro-Crypto Democrats withdrew the support of the Act on Engineering, the Senate bill which aims to regulate stablecoins. Having received a positive vote by the senatorial banking committee, the law is ready to vote in the full Senate tomorrow (May 8). The chief withdrawal, Senator Ruben Gallego, seemed optimistic about the potential changes to the bill before Thursday’s vote, according to Politico.
“I hope we could do it by then,” he told journalists. “If we can’t then, yes, then push back. But there is no reason why we cannot.”
Although Senator Gallego can be considered pro-Crypto, Senator Warren is certainly not. She talked about the genius law in the Senate, saying: “They try to blur it because they know that they will kill the size and scale of the Stablescoin market, and help increase the value of their own stablecoin companies, while containing any real restriction on the president’s self-trafic.”
Concerns about conflicts of cryptographic interests
It follows the recent announcement that some $ Trump Hascoin holders could attend a presidential dinner, while others will have a white house visit. In addition, last week, it was revealed that the stablecoin linked to Trump was used as part of a transaction of $ 2 billion by a company (MGX) chaired by the National Water Safety Advisor of the President of the Water. Democrats are not the only ones to raise concerns about some of these stages.
Activities threaten to win the progress of cryptographic legislation. Stablecoin’s bills are progressing both in the Chamber and in the Senate. In addition, Monday, the Chamber unveiled a new bill to regulate cryptographic entities and issuers, after adopting the bill made 21 last year with a major bipartite vote. Since Fit 21 did not receive the Senate approval, the process was restarted.
When the representative Maxine Waters was in a hurry why she withdrew from the hearing of the house, she said“I oppose this joint hearing due to the corruption of the President of the United States and his property of Crypto and his supervision of all agencies.”
The republican president of the Chamber’s Financial Services Committee, French Hill, replied: “The classification member expressed his concerns about conflicts of interest, which is why she disrupts the joint audience today. With his actions, the ranking member threw a partisanary in what has historically been a strong and good and working bipartisan relationship. ” The hearing took place without it, and according to PoliticoShe summoned another round table.
New survey on cryptographic activities related to Trump
By opening a Preliminary survey on Trump Crypto transactions, Senator Blumenthal wrote to Fight Fight Fight FightThe $ Trump Emmecoin transmitter and World Liberty Financial (WLF).
He asked how they tackled conflicts of interest. Combat letters say, said,
“President Trump’s financial tangles in $ Trump’s room, as well as the attempt to use the White House to organize competitions to support the value of $ Trump, represents an unprecedented payment system to provide an accident to the presidency to the most offender. Blockchain. “”
Blumenthal continued that “the best holder of $ Trump is Justin Sun, holding nearly 1.4 million pieces.
The other Trump company, World Liberty Financial, is undoubtedly its success to Sun. He launched a sale of his native WLFI token before the elections in October, President Trump increased it on social networks. For the first month, he aroused little interest, even after the elections. Then Justin Sun bought $ 30 million in WLFI at the end of November, increasing the token profile. Sun added an additional $ 45 million in January. Since then, the company has attracted many partners, including those who have courted the controversy. For example, DWF Labs would have participated in pumping and discharge regimes, according to the Wall Street Journal.
In this context of increasing controversy, the voting of tomorrow on the law on engineering could be a decisive test on the question of whether the cryptographic interests of Trump could hamper the adoption of cryptographic legislation.
