House Democrats registered a protest against President Donald Trump’s “corruption” during a hearing on digital assets on May 6.
Members were to discuss “The Future Future of American Innovation and Digital Assets” to build bipartisan support for the stubcoin and crypto market structure laws.
However, Democrats chose to express criticism of the president’s crypto venture during the hearing.
Rep. Maxine Waters (D-CA-43) said Trump’s first 100 days were filled with failure, chaos and incompetence. Trump uses his crypto venture to make a pathway to enrich himself and his inner circle.
“I am deeply concerned that Republicans are not only ignoring Trump’s corruption, but are justifying his family’s efforts to enrich the backs of the average Americans in Trump and his family,” Waters said.
Former Commodity Futures Trade Commission (CFTC) Chairman Timothy Massad asked Trump and Vice President JD Vance that they should be banned from engaging in crypto-related businesses.
In fact, the CFTC should work with the Securities and Exchange Commission (SEC) to establish a joint self-regulatory organization to regulate crypto assets, Massad said.
Rep. Stephen Lynch (D-MA-08) claimed he saw a big crypto disaster where people lose a lot of money. “President Trump’s crypto transactions totalling $2.9 billion, estimated at almost 40% of his total wealth,” Lynch added.
Chastity Murphy, a senior adviser to a financial institution at the Treasury Department, said Trump’s crypto empire is a means of “influence, bribery and restriction capture.”
Democrats are trying to refer to the language of the bill.
Trump’s crypto ventures such as Trump and Melania memecoin, upcoming VIP dinners, World Liberty Financial Project and USD1 Stubcoin have repeatedly elicited criticism from Democrats.