PANews reported on May 31 that French Hill, Chairman of the House Financial Services Committee, stated that President Trump's activities in the cryptocurrency and meme coin space have complicated the legislative work that Congress has been brewing for years. French Hill has been working for five years to garner bipartisan support for stablecoins and market framework and believes that the stablecoin bill and market framework bill will provide clear rules for digital assets.
French Hill stated at the Reagan National Economic Forum held in Simi Valley, California: "The Trump family's involvement in meme coins complicates this work because I believe it distracts our Republican and Democratic lawmakers from focusing on what we really need to do." Additionally, French Hill warned potential traders to be wary of the risks associated with potential risk assets, including meme coins.