House Democrats Hold Hearing on Crypto Market Structure Addressing Trump’s Conflicts

The U.S. House Financial Services Committee held a hearing focusing on the Digital Asset Market Clarity Act, amid concerns about regulatory oversight for digital assets. Key points include:

Democrats expressed worries about President Trump's cryptocurrency ventures and potential conflicts of interest.
Maxine Waters criticized Trump’s use of the presidency to profit from crypto.
Committee Chair French Hill highlighted the absence of a federal framework for non-security digital assets.
Some Democrats support crypto legislation, while others remain critical of it.
Concerns were raised about potential loopholes in the Clarity Act that might allow firms to evade SEC oversight.
Experts noted that the Act does not adequately address cybersecurity risks within the crypto industry.
Trump's ties to crypto were scrutinized, with allegations of soliciting gifts through his memecoin activities.
White House officials denied any conflict of interest related to Trump's crypto pursuits.