The debate over new crypto legislation in Congress has been complicated by concerns about President Donald Trump’s involvement in the cryptocurrency industry.
During a June 4 hearing in the House Financial Services Committee, Representative Maxine Waters raised concerns over what she sees as a major gap in the proposed Digital Asset Market Clarity (CLARITY) Act.
Waters pointed to a private dinner President Trump hosted for his top meme coin supporters, an event that reportedly brought in $148 million, and warned that without specific rules, the bill might allow the president to benefit personally from future crypto policies.
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She said it leaves room for risky practices to continue unchecked and could expose investors to more harm. She also argued that the bill offers little help for victims of fraud and fails to include penalties for wrongdoing in the crypto industry.
Committee Chair French Hill stated that the lack of a federal framework has left digital asset businesses uncertain about how to operate.
According to him, without a defined role for regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), both startups and investors are left unsure about the rules that apply to them.
However, former CFTC Chair Timothy Massad called President Trump’s role in crypto “a taint” and warned that it could blur the line between public interest and personal benefit. Massad said it is hard to know whether the president’s actions are aimed at improving the industry or boosting his own gains.
On May 28, former CFTC Chair Rostin Behnam shared his views on the US crypto market. What did he say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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