Lawmakers Slam Trump Over Crypto Ventures, Sparking Conflict of Interest Fears

During an April hearing before the House Financial Services Committee, California Representative Maxine Waters leveled serious allegations against former President Donald Trump. Waters claimed that Trump has leveraged his political influence to promote multiple crypto ventures, including a stablecoin project and a memecoin launched in January. While stablecoins are at the center of broader regulatory debates, the criticism also extends to the memecoin, which is being viewed as a conflict-of-interest play by Trump and his family-backed firm. The controversy has stirred concerns among lawmakers about the potential for self-enrichment by using government channels and public payments to favor Trump’s crypto undertakings. Committee members, including French Hill, highlighted the complications introduced by a prominent political figure dabbling in the industry, pointing to the need for a clear federal framework governing digital assets. This heated discussion comes as Congress continues to review and amend legislation related to stablecoins and digital currencies amidst fears of regulatory capture and insider trading. The development underscores the increasing politicization of crypto assets and raises questions about future market stability.