Lawmaker claims Trump involved in crypto industry, launching stablecoin, raising concerns about conflict of interest

From Cointelegraph

April 2, 2025 1:27 PM:

California Representative Maxine Waters criticized President Trump’s involvement with the crypto industry, accusing him of leveraging crypto schemes for profit. She pointed to his family-backed stablecoin launch and memecoin. Waters warned of dangerous precedents and conflicts of interest. Committee Chair French Hill also raised concerns about Trump’s involvement in the industry.

Representative Bryan Steil introduced the STABLE Act to establish safeguards for consumers regarding stablecoins. Hill emphasized the need for a clear federal framework for payment stablecoins. The committee will consider amendments to the STABLE Act and bills to combat illicit finance using emerging financial technologies.

The markup hearing was a crucial step before the committee could vote on advancing the bills to the House of Representatives. Waters and other lawmakers raised concerns about potential conflicts of interest and the influence of the Trump family in the crypto industry. The discussion focused on regulating stablecoins and preventing regulatory capture in Washington.

Read more at Cointelegraph.com

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