On May 6, due to tensions from the digital asset dispute of US President Trump, the Democratic Party in the House of Representatives boycotted a planned hearing on Tuesday with the theme "Innovation in the United States and the Future of Digital Assets: A Plan for the 21st Century". The goal of the hearing was to discuss cryptocurrency industry management.
Maxine Waters, a key Democratic member of the committee, immediately opposed the hearing. She argued that President Trump and his family's deep involvement in the cryptocurrency industry creates an "irreconcilable conflict of interest". Waters noted the Meme Coin and the World Liberty Financial stablecoin project supported by the Trump family, stating that it seriously affects the fairness of the law.
Bryan Steil, a Republican congressman from Wisconsin, said the hearing would be replaced by a roundtable meeting. The dispute around the GENIUS stablecoin bill is ongoing. The bill requires stablecoins to be 100% backed by liquidation assets like USD and conduct annual audits for projects with a market value over $50,000,000.
Senate Majority Leader John Thune promised to push for a vote before May 26. However, Democratic legislators recently pointed out shortcomings such as insufficient oversight of foreign issuers. Meanwhile, the House Republicans released a draft cryptocurrency market management framework, modified based on the FIT 21 bill, to clarify the regulatory boundaries between CFTC and SEC.
