TRUMP Coin Delays US Crypto Legislation
The proposed US cryptocurrency legislation faces significant delays due to the involvement of President Donald Trump and his family in the crypto market, particularly with the TRUMP Coin. This political distraction has been highlighted by US House Financial Services Chairman French Hill, who voiced concerns about its impact on years of bipartisan efforts to regulate the industry.
Political Wrangling Slows Crypto Regulation
According to a Bloomberg report, Congressman Hill stated that the Trump family's crypto ventures, including TRUMP Coin, have diverted attention from the crucial task of establishing a robust regulatory framework. He emphasized the five years of bipartisan work dedicated to creating regulations for stablecoins and a comprehensive market structure. This effort now faces challenges due to the political controversy.
Democratic representatives, including Senator Elizabeth Warren and Rep. Maxine Waters, have openly criticized the current legislation, alleging it facilitates Trump's influence in the crypto space. Representative Waters even proposed the "Stop TRUMP In Crypto Act" to restrict the involvement of high-ranking officials in cryptocurrencies.
Despite these concerns, Congressman Hill urges his colleagues to prioritize passing the stablecoin bill and market framework bill. He believes that these bills will provide much-needed clarity on how digital assets function within the US economy.
Ongoing Trump Family Crypto Activities
Meanwhile, the Trump family continues to expand its crypto portfolio. Trump Media Group recently announced a $2.32 billion Bitcoin Treasury Reserve deal, further underscoring the political entanglement.
Stablecoin Bill Amendment Process Begins
The amendment process for the stablecoin bill, part of the GENIUS Act, is scheduled to begin next week, following a successful cloture vote in the US Senate. The House has also introduced the Digital Asset Market Clarity Act in an attempt to streamline crypto regulations. This Act has received positive feedback from industry leaders, such as Ripple CLO Stuart Alderoty, who see it as a significant step towards better regulation.
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