Maxine Waters Blocks Hearing on Crypto Legislation Over Trump’s Involvement
Rep. Maxine Waters (D-Calif.), the top Democrat on the House Financial Services Committee, plans to block a hearing on cryptocurrency legislation due to concerns related to President Trump’s growing ties to the industry.
Waters will object to a joint hearing between the House Financial Services Committee and the House Agriculture Committee, as joint hearings require the approval of every member. Instead, House Democrats will hold their own hearing to investigate Trump’s crypto ventures, including his meme coin and World Liberty Financial.
The move comes after Republican leaders on the two committees released a discussion draft for digital asset market structure legislation. Waters told House Financial Services Chair French Hill (R-Ark.) that she would not approve the joint hearing unless the legislation included provisions to block Trump from profiting from the industry.
Trump and his family have increasingly expanded their crypto portfolio as his administration pushes for new rules for the industry. World Liberty Financial, launched by Trump and his sons, announced that an Emirati firm would use its new stablecoin to conduct a $2 billion transaction with Binance.
The price of Trump’s meme coin token, $TRUMP, jumped 60% after news that Trump would attend a dinner with top investors. Some Democratic lawmakers have called for an ethics probe.
The rebellion by House Democrats is the latest pushback against crypto legislation, threatening to upend Trump and Republicans’ efforts to establish a regulatory framework for the industry. A group of crypto-friendly Senate Democrats recently pulled their support for stablecoin legislation after Senate Majority Leader John Thune (R-S.D.) sought to expedite a vote on the bill.
“It seems they want us to suck it up and vote for this bill without our input,” Sen. Ruben Gallego (D-Ariz.) wrote in a post on X. “That’s not how I operate. Our statement makes clear we won’t let them jam us. Looking forward to continuing to get this bill to a better place.”
The controversy highlights the growing tension between lawmakers and the cryptocurrency industry, with Democrats expressing concerns about Trump’s involvement and Republicans pushing for clearer regulations.
