Rep. Waters Halts Joint House Hearing on Crypto Due to Trump Conflict
The crypto industry faces challenges in Washington, primarily due to conflicts involving former President Trump's family business interests. Key points include:
- 2025 was anticipated as a pivotal year for crypto legislation with bipartisan support.
- Nine Democrats withdrew their backing of the GENIUS Act, seeking stronger anti-money laundering provisions.
- Trump's family crypto ventures have raised concerns, particularly regarding potential conflicts of interest.
- Maxine Waters criticized Republicans for not addressing these conflicts and halted a joint House hearing on crypto.
- Proposals are underway to merge the market structure and stablecoin bills into one legislative package.
- The current draft aims to clarify SEC and CFTC roles, consumer protections, and listing processes for tokens.
- Comments from the industry are being solicited on this discussion draft, indicating further steps before a vote.