Congresswoman Maxine Waters exits digital assets hearing
In a recent joint hearing between the House Financial Services Committee and the House Agriculture Committee, tensions ran high as Democratic lawmakers expressed concerns about potential conflicts of interest involving President Donald Trump and his family's involvement in the cryptocurrency industry.
At the heart of the controversy is the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025, a consumer protection bill sponsored by Sen. Bill Hagerty, R-TN. The bill, backed by the crypto industry, aims to establish federal safeguards for stablecoin holders and enhance consumer confidence in the payment stablecoin market. However, Democrats are calling for changes due to the Trump family's ties to the space and the president's ability to benefit from crypto trading.
Rep. Maxine Waters, D-CA, and other Democratic lawmakers walked out of the hearing, objecting to President Trump's ownership and oversight of crypto-related agencies. Waters raised concerns about an unprecedented conflict of interest, citing Trump's business relationship with the Solana blockchain through the launch of the $TRUMP meme coin and his reported holding of around $15,000 worth of Ethereum. Since the 2024 election, Trump’s crypto-related ventures are estimated to have generated hundreds of millions of dollars for the Trump family.
Elizabeth Warren, D-MA, and Jeff Merkley, D-OR, have raised questions about the Trump administration's involvement in a billion-dollar business deal involving MGX, crypto exchange Binance, and Trump-affiliated World Liberty Financial. Binance, which settled criminal charges with the Department of Justice in 2023 and agreed to pay $4 billion, has been under scrutiny, with its founder going to prison and now reportedly seeking a pardon from the president.
Meanwhile, the GENIUS Act received support from all committee Republicans and five Democrats. The bill, if passed, would establish a regulatory framework for cryptocurrencies, addressing concerns about consumer protection and market stability.
In a statement, Anna Kelly, the White House's deputy press secretary, asserted that President Trump has no conflict of interest as his assets are in a trust managed by his children. However, the issue remains a topic of public and watchdog interest, with no current formal investigation into conflicts of interest specific to these holdings reported as of August 2025.
Amidst the controversy, President Trump remains dedicated to making America the crypto capital of the world and revolutionizing digital financial technology. The top 220 holders of the $TRUMP meme coin, launched three days after Trump took office in January, were announced to be invited to have dinner with the president and hear him speak about the future of crypto. More recently, Melania Trump launched her own meme coin, with insiders making nearly $100 million on the venture.
Senate Minority Leader Chuck Schumer, D-NY, has asked his colleagues not to vote for the GENIUS Act, citing concerns about the Trump administration's involvement in the crypto industry. Elizabeth Warren and Jeff Merkley have also requested answers to questions by May 9 regarding potential conflicts of interest and potential quid pro quos involving the president and major government officials.
The stalling of the discussion on a new regulatory framework for cryptocurrencies has led to the walkout by Democratic lawmakers, highlighting the ongoing tension between policymakers and the crypto industry, particularly in relation to the Trump administration.
- The ongoing controversy surrounding President Trump's involvement in the cryptocurrency industry, including his family's ties to the space, has led to a significant tension between Democratic lawmakers and the administration, emphasizing the intersection of war-and-conflicts and politics in the general-news arena.
- The stalled discussions on a new regulatory framework for cryptocurrencies, specifically the GENIUS Act, are partly due to the concern about potential conflicts of interest and quid pro quos in the Trump administration, thereby highlighting the role of policy-and-legislation in addressing crime-and-justice issues in the cryptocurrency sector.
