In the ongoing debate surrounding legislation on digital assets, Republican members of the House Financial Services Committee opposed concerns about Trump potentially profiting from the crypto industry, calling these allegations political 'drama.'
At a hearing organized by Democrats on June 6, Democratic Representative Maxine Waters argued that lawmakers should focus on information not yet explored during the committee hearing on June 4, which concerns the 'Digital Asset Market Clarity Act' (CLARITY Act). The debate on the market structure bill is overshadowed by calls to prevent Trump from potentially using legislation for personal gain.
Digital Assets Committee Chairman Bryan Steil called the criticism 'Trump pathology,' a term used to dismiss critiques against the President. Steil did not respond to Cointelegraph's request for comment before publication.
"My Republican colleagues refuse to acknowledge President Trump's crypto corruption, which undermines their efforts to pass the bill," Representative Stephen Lynch said after Steil's remarks.
It is unclear whether the Democratic Party's efforts will gain enough support within the party or from the Republicans to block or delay the passage of the CLARITY Act. Waters has pushed for a bill to prevent the President, Vice President, members of Congress, and their families from participating in digital assets.
The market structure bill focuses on the roles of the SEC and CFTC.
At the hearing, Better Markets' policy director Amanda Fischer discussed other issues regarding the President's indirect handling of digital assets through the SEC and CFTC. Several commissioners from the two agencies are expected to leave with no replacements yet chosen.
"Financial regulators are under siege," Fischer said, "Democratic commissioners nominated by the President and confirmed by the Senate are being dismissed without cause."
The Senate Agriculture Committee plans to consider Trump-nominated CFTC Chairman Brian Quintenz on June 10. Current acting chair Caroline Pham and Commissioner Kristin Johnson have announced plans to leave, which could make Quintenz the sole commissioner.
