On May 6, due to tensions from the controversy over President Trump's digital assets, House Democrats boycotted a scheduled hearing on Tuesday titled 'Innovation in America and the Future of Digital Assets: A Plan for the 21st Century.' The goal of the hearing was to discuss how to regulate the cryptocurrency industry.
Maxine Waters, a key member of the Democratic Party on the committee, opposed from the very beginning of the hearing. She argued that the deep involvement of President Trump and his family in the cryptocurrency industry creates an 'irreconcilable conflict of interest.' Waters pointed to the Meme Coin and the stablecoin project World Liberty Financial supported by the Trump family, claiming it severely affects the fairness of the law.
Bryan Steil, a Republican congressman from Wisconsin, stated that the hearing would be replaced by a roundtable meeting. The controversy surrounding the GENIUS stablecoin bill is still ongoing. This bill requires stablecoins to be 100% backed by liquid assets such as USD and mandates annual audits for projects with a market value of over $50,000,000.
Senate Majority Leader John Thune has promised to push for a vote before May 26. However, Democratic lawmakers have recently pointed out shortcomings such as insufficient oversight of foreign issuers. At the same time, House Republicans released a draft framework for regulating the cryptocurrency market, amending based on the FIT 21 bill, in order to clarify the regulatory boundaries between the CFTC and the SEC.
Source: https://tintucbitcoin.com/dan-chu-tay-chay-phien-hop-quy-dinh-tien-dien-tu/
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