The cryptocurrency industry is waiting for President Donald Trump to issue an executive order directing the federal government toward a new, more welcoming era of digital asset oversight. This would be good for Trump’s own business, which is one reason House Democrats are already crying foul about the administration’s ethical lapses.
Trump’s executive order on cryptocurrencies is expected to increase the value of at least two components of the Trump family’s businesses: the World Liberty Financial cryptocurrency project and tokenization (TRUMP) that was launched just before his return to the White House. Gerry Connolly, the top Democrat on the House Oversight Committee, I asked for an investigation The president’s business relations in a letter sent to the Republican chairman of the committee one day into Trump’s new term.
“This committee must take immediate action to investigate this serious conflict of interest
“Donald brings Trump with him to the office of the president,” he wrote in the request, which is unlikely to lead to formal scrutiny of the GOP leader, who demands loyalty from top GOP officials. – and by extension the Trump Organization – the financial entanglements and quid pro quo promises are troubling.
Earlier, while Trump’s oath was still echoing in the Capitol rotunda, Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, said, Express an alarm About Trump Coin.
“Through his meme currency, Trump created a way to circumvent national security and anti-corruption laws, allowing interested parties to anonymously transfer funds to him and his inner circle,” Waters said in a January 20 statement. “Buyers could include major corporations and allied nations that are pressured to show their ‘respect’ for the president, and our adversaries, like Russia and China, who have much to gain from influencing a Trump presidency.”
Waters said digital currency not only puts Trump at risk, but she said it distorts the broader industry, “which has long struggled for legitimacy and a level playing field with other financial institutions.”
The California Democrat worked for several months with former committee Chairman Patrick McHenry on a stablecoin regulation bill, but they failed to reach a bipartisan compromise. Waters will remain in a position to influence cryptocurrency bills during this session.
Although Trump has promised quick action on cryptocurrencies when he returns to the White House, the cryptocurrency industry has not yet been among those to benefit from the wide range of executive orders the president has already signed. To date, the most significant action taken by the reformed US government has been the creation of a cryptocurrency task force by acting SEC Chairman Mark Ueda.
Read more: SEC Forms New Cryptocurrency Task Force Led by Hester Peirce
