Representative Angie Craig, the top Democrat on the House Agriculture Committee, has stated that the Trump family's deepening involvement in the cryptocurrency industry is slowing bipartisan support for the Digital Asset Market Clarity Act. During the SALT conference in Jackson Hole, Craig identified the Trump family's business dealings as a central challenge, calling it 'the elephant in the room'.
President Donald Trump has launched several meme coins, including $TRUMP and $MELANIA, and expanded his digital brand through Truth Social's financial products. His son, Eric Trump, co-founded American Bitcoin, a mining firm linked to Hut 8. Craig expressed serious ethical concerns, emphasizing that a sitting president should not operate in markets governed by federal agencies unless those assets are in a sealed trust.
Although the House passed the Clarity Act with bipartisan support, Democratic backing remains tentative due to these conflict-of-interest concerns. Craig voted to advance the bill but called for stronger language to prevent conflicts involving the Trump family. She warned that their crypto involvement is 'making this debate more difficult' and believes stricter guardrails could bridge the partisan gap. Meanwhile, Republican Senator Bryan Steil downplayed these concerns, maintaining GOP support for the legislation.
Discussions continue in the Senate Banking Committee, but consensus remains elusive as the Trump family's crypto ventures become a political and regulatory flashpoint.
