Democratic legislators opposed a hearing, citing "Trump's crypto corruption"

Democratic leaders walked out of a joint hearing on digital assets, alleging that Republican lawmakers were not addressing Donald Trump's conflicts of interest.

Democratic legislators have expressed their strong opposition to a hearing of the House Financial Services Committee focused on the custody of digital assets, citing concerns about "Trump's crypto corruption." The controversy arises from the ties between the cryptocurrency industry and President Donald Trump, who has shown a growing interest in digital assets. Democrats argue that the hearing could be used to promote the interests of Trump and his allies in the crypto space.

The opposition centers on the concern that the hearing could divert attention from the necessary regulatory oversight and instead serve as a platform for political promotion. Democratic lawmakers have called for stricter oversight of the cryptocurrency industry, emphasizing the need to protect investors and prevent illicit activities. The proposed hearing has sparked a partisan debate about the role of cryptocurrency in the financial system and the influence of political figures on its regulation.