Republicans, Dems Hold Separate Crypto Roundtables As Tensions Simmer Over Trump Projects
Donald Trump launched his official memecoin, $TRUMP, ahead of his inauguration. The Official Trump Meme Website / Screenshot Rep. Waters and two other Democratic lawmakers walked out of a scheduled hearing to discuss crypto legislation
Republican Troy Downing said 'regulation by enforcement' must be eliminated to promote innovation
GOP's Zach Nunn urged lawmakers to help establish a 'clear structure' for crypto businesses
Dem Rep. Garcia argued that Trump is prioritizing his crypto projects over the country
Dem Rep. Lynch said Trump, through his crypto ventures, 'blatantly violated the ethics laws'
Republican and Democratic lawmakers on Sunday held separate cryptocurrency roundtables to discuss crypto policy and recent developments around the emerging sector as Dems and some crypto users raise issue with U.S. President Donald Trump's crypto ventures.
World Liberty Financial (WLFI), a DeFi project that Trump has promoted and where his three sons, particularly Eric Trump, are involved in, was most recently in question over a deal with Abu Dhabi government-backed firm MGX and crypto titan Binance. Republicans Urge Crypto Innovation, Rulemaking Clarity
In the joint roundtable by Republican members of the House Committee on Agriculture and House Committee on Financial Services, Rep. Troy Downing of Montana said the Securities and Exchange Commission (SEC) under ex-Chair Gary Gensler made it difficult for digital asset innovators to raise capital.
If we want digital asset innovation to thrive in the United States, we need clear rules of the road, not regulation by enforcement.
The unprecedented dual effort between @FinancialCmte and @HouseAgGOP is making this possible.
📺 Watch my questions from today's roundtable 👇 pic.twitter.com/nWbLbsF0YQ — Congressman Troy Downing (@RepTroyDowning) May 6, 2025
He said that in order to ensure the United States' leadership in crypto, there must be clear rules of the road and "regulation by enforcement" should be eliminated.
Similarly, Rep. Zach Nunn of Iowa urged clear rules for crypto businesses, arguing that prior administrations added to the confusion around rules. He called for legislation to establish a "clear structure" for the industry.
Some digital assets are like a chocolate coin. When the coin is "wrapped" it's treated like a security. Once "unwrapped" it functions like a commodity. We can't have two different rules for our digital innovators, which is why we're fighting on @FinancialCmte for a clear… pic.twitter.com/zDXDzvCyKx — Congressman Zach Nunn (@ZachNunn) May 6, 2025 Democrats Raise Concerns Over Trump's 'Crypto Corruption'
As the Republicans' roundtable ensued, Democratic members, led by ranking member Rep. Maxine Waters of California, held their own roundtable in a different room on Capitol Hill.
Notably, Waters objected to a Sunday bipartisan hearing, arguing that House rules require "unanimous consent" to such hearings. She walked out of the hearing after stating that she objects to the hearing because of Trump's "corruption" and "ownership of crypto."
Today, Ranking Member @RepMaxineWaters blocked a Republican crypto hearing after the GOP refused to address Trump's rampant crypto corruption. Instead, the Ranking Member walked out and convened a Democratic hearing to discuss how Trump is using the presidency to enrich himself… pic.twitter.com/v8wC3s3brf — House Committee on Financial Services - Democrats (@USHouseFSC) May 7, 2025
Democratic Reps. Sean Casten and Brad Sherman also left the room. Waters later said GOP Committee members refused to discuss Trump's "corruption" in relation to his crypto ventures, which is why she objected to the hearing.
In the Democrats' roundtable, Rep. Sylvia Garcia of Texas pointed out how Trump and his three sons were involved in WLFI's business. As per the project's website and photos of the website's "Team" presented by the congresswoman, the president is the company's "chief crypto advocate," while his three sons were "Web3 ambassadors."
Trump isn't just pushing crypto—he's using the presidency to cash in on it.
His friends and family are running shady firms like World Liberty Financial while he guts the rules meant to protect hard-working Americans from fraud and abuse. This is pure corruption.@USHouseFSC pic.twitter.com/FSK2g48aOo — Rep. Sylvia Garcia (@RepSylviaGarcia) May 6, 2025
"So instead of prioritizing his job as our nation's leader, he [Trump] is using his position to strip financial regulators of their independence, all to line the pockets of his friends, his family," Garcia said.
Rep. Stephen Lynch of Massachusetts said it has never happened in U.S. history where a president has "so blatantly violated the ethics laws" amid concerns of conflicts of interest over Trump's crypto involvement.
President Trump's blatant violation of ethics laws and exploitation of the Presidency to further his own financial gain cannot go unchecked.
I will continue to work with my Democratic colleagues to hold this Administration accountable. pic.twitter.com/Rlwh1hrQpO — Rep. Stephen F. Lynch (@RepStephenLynch) May 6, 2025
He also made sure to call out the "outrageous" private dinner Trump promoted for the top holders of his official meme coin. "That just screams government for sale right there," Lynch said.
Trump has yet to comment on the latest development wherein his crypto involvement is at center of lawmaker tensions.
© Copyright IBTimes 2024. All rights reserved.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
DW
3 hours ago
- DW
US: Donald Trump makes broad use of presidential powers – DW – 06/11/2025
President Donald Trump has deployed the military against protesters in Los Angeles and ignored federal court orders — moves that have prompted concern about the condition of democratic institutions in the United States. Tensions remain high in Los Angeles, California, where thousands of people have been protesting federal Immigration and Customs Enforcement (ICE) operations. A curfew imposed by the city's mayor on Tuesday night brought some calm, but there are no signs of de-escalation. After deploying the National Guard, US President Donald Trump has now ordered the deployment of some 700 Marines — active-duty troops known for their rapid response and elite combat capabilities. According to a spokeswoman for the United States Northern Command, US troops will help protect federal buildings and personnel, including ICE agents. Since Friday, demonstrators have occupied the streets in Los Angeles, protesting ICE raids targeting individuals lacking proper immigration documentation. In some cases, masked ICE agents reportedly arrested people on the street. The crackdown reflects the Trump administration's hardline stance on immigration — and now the military has been called in by the president to assist. Presidential powers and the Insurrection Act Normally, the president cannot unilaterally deploy the National Guard within a US state; governors must authorize such deployments. California Governor Gavin Newsom has expressly rejected the need for the National Guard and has sued the Trump administration. Downtown LA under curfew after days of protests To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video However, under the Insurrection Act of 1807, the president has the authority to deploy military forces without the governor's consent in cases of rebellion or civil unrest. Trump's decision to invoke that authority is considered highly unusual, given the importance placed on states' rights in the US federal system. Governor Newsom has accused Trump of abusing executive power and warned that his actions threaten democratic norms. "California may be first, but it clearly won't end here," Newsom said, "Other states are next. Democracy is next." Trump sidelining the judicial branch Trump has repeatedly clashed with the US judicial system during his first five months back in office. Early in his term, he authorized deportations that went forward despite federal court orders blocking them. Since March, more than 250 non-US citizens — whom Trump has labeled as terrorists — have been deported to El Salvador. Flights to El Salvador's infamous CECOT maximum-security prison reportedly continued even after a federal judge ordered them grounded. To justify the deportations, the Trump administration cited the Alien Enemies Act of 1798, arguing it allows for the removal of nationals from "hostile nations," without affording them a right to trial. The Trump administration claims those deported were affiliated with the transnational criminal group Tren de Argua. In the US system, the judiciary is one of three co-equal branches of government, alongside the executive and legislative branches. The balance among them is foundational to US democracy — critics say Trump is eroding that balance. Six of the nation's nine Supreme Court justices are conservatives, three were appointed by Trump. Will the 'principles of democracy' win out in the US? What about the legislative branch? Trump has largely bypassed Congress since returning to office in January, issuing 161 executive orders as of June 10 — more than any president in a similar time frame since World War II. His orders, which do not require House of Representatives or Senate approval, have had sweeping effects, from LGBTQ+ rights to trade policy. "Trump will definitely go down in history as the one who took executive power to its limits," wrote Patrick Malone, a professor of public administration and policy at American University in an email to DW. Malone questioned the legality of the president's mass firing of federal employees in the name of efficiency, for instance. "The question of legality of what this president has done are going to be in the courts for years to come," Malone said. He warned that the US democratic institutions are under serious pressure. One underlying issue, he said, is that many US laws were written for a nation vastly different from the one that exists today. But Malone is optimistic: "Institutions are generally quite difficult to topple. Hopefully, the principles of democracy will ultimately prevail." This article was published in German and translated by Jon Shelton.
Int'l Business Times
3 hours ago
- Int'l Business Times
LA Mayor's Protest Curfew Deemed a 'Success' as White House Attempts to Take Credit
The White House attempted to take credit after Los Angeles Mayor Karen Bass was able to quell unrest from protests in the city by implementing a curfew in its downtown region. The curfew began at 8 p.m. Tuesday and lasted until 6 a.m. Wednesday, covering about one square mile of the city's downtown area. Bass expects to implement the same curfew over the course of several days, Politico reported. "If you do not live or work in downtown LA, avoid the area," Bass told reporters. Los Angeles legislators and officials have hailed Bass's curfew as successful in putting an end to violence and agitation within the city as immigration related protests in LA entered their fifth day, having begun last Friday. However, White House Press Secretary Karoline Leavitt attempted to credit the newfound peace in LA, seen on Tuesday night, to President Donald Trump during a press conference on Wednesday. "The president saw images of Border Patrol and ICE agents being hailed with rocks and Molotov cocktails. He saw vehicles being burned to the ground with illegal aliens flying foreign flags and that's what prompted the president to have this response that has clearly worked, because last night in Los Angeles you didn't see many of those images. I would add the governor and the mayor need to actually do more," Leavitt said. Leavitt: That's what prompted the president to have this response that has clearly worked because last night in Los Angeles, you didn't see those images. The governor and the mayor need to do more — Acyn (@Acyn) June 11, 2025 Since the protests began last Friday, Trump has deployed 4,000 National Guard troops and 700 Marines troops to Los Angeles in a move that has been decried by both Mayor Karen Bass and Gov. Gavin Newsom. Newsom took to social media to share that the troops deployed were not being used to quell protests in the city on Monday. "I was just informed Trump is deploying another 2,000 Guard troops to L.A. The first 2,000? Given no food or water. Only approx. 300 are deployed — the rest are sitting, unused, in federal buildings without orders," he began. "This isn't about public safety. It's about stroking a dangerous President's ego. This is Reckless. Pointless. And Disrespectful to our troops," Newsom continued. I was just informed Trump is deploying another 2,000 Guard troops to first 2,000? Given no food or water. Only approx. 300 are deployed — the rest are sitting, unused, in federal buildings without orders. This isn't about public safety. It's about stroking a dangerous…
DW
3 hours ago
- DW
US image takes a blow in many nations — study
The United States is seeing a marked drop in popularity in many countries during the second term of President Donald Trump, according to a study by the nonpartisan Pew Research Center released on Wednesday. The survey, carried out in 24 countries, showed overall ratings of the US falling in 15 countries since last spring, with Mexico, Sweden, Poland and Canada displaying the biggest increase in negative views. Respondents were asked about overall views on the US and the state of its democracy as well as about their opinion of Trump, both with regard to his personal traits and his ability to handle major global issues. Most of the interviews were conducted after the notorious meeting between Trump and Ukrainian President Volodymyr Zelenskyy on February 28 and before Trump announced tariffs on countries around the world on April 2. Widespread decline in US image Mexico and Sweden were the two countries where the opinion of the US suffered most, with drops of 32 percentage points in positive ratings (from 61% to 29%) in the first and 28 percentage points (47% to 19%) in the second in comparison with 2024. US popularity among adults in Poland and Canada fell by more than 20 percentage points over the year in both countries. The fall in US popularity in Germany was also marked: from 49% to 33% (16 percentage points). Opinions about the US in the UK, Greece, Hungary, South Africa, Argentina and India showed little change. People in three countries — Israel, Nigeria and Turkey — became slightly more likely to give the US good marks. Israelis are US fans, Swedes are not Israel was the country with the highest percentage (83%) of people with a positive assessment of the US. Sweden had the most people who view the US unfavorably (79%). Despite the increase in popularity in Turkey, the country still has one of the most unfavorable opinions of the US, with just 25% of adults having a positive view of the country. In Germany, 66% had a negative view of the US. Generational, ideological divides Younger people (35 and below) in most countries surveyed had a more positive view of the US than those aged 50 and above. This was particularly noticeable in Brazil, with 73% of younger adults giving a positive assessment compared with 37% of older adults who have an unfavorable view. Political ideologies also played a large role in peoples' opinions. Among the 51% of people in Israel who say they are ideologically rightist, 97% had a favorable view of the US. Australia also displayed a wide gap between those on the right, of whom 60% viewed the US positively, and those on the left, where the number dwindled to 12%. In Germany, supporters of the far-right Alternative for Germany (AfD) party were far more likely to have positive opinions of the US (63%) than those who do not back the party (25%). Trump a major factor The US president received mostly negative ratings in the survey, with more than half of adults in 19 of the countries saying they had little or no confidence in Trump's ability to lead world affairs. This is despite the fact that majorities in 18 countries viewed him as a "strong leader." The survey showed that a median of 34% of adults have a lot or some confidence in Trump's ability to give good leadership in world affairs, while 62%) have little or no confidence in him. His highest ratings came from Nigeria (79% confidence), Israel (69%), Kenya (64%), Hungary (53%) and India (52%). Adults in Mexico had the least confidence (8%), followed by Sweden (15%), Turkey (16%), Germany (18%) and Spain (19%). Low marks for Trump on climate change In 17 countries, men have more confidence in Trump than women, with this difference most marked in Sweden, Poland, and the UK. In Germany, the gender gap was 11 percentage points. Those on the right of the political spectrum also see him more positively. In all, 13 nations gave lower ratings for Trump than they did for his predecessor, Joe Biden, in 2024, but they are higher in six countries. Just 33% thought he could resolve the Russia-Ukraine conflict, and 29% the "conflicts between Israel and its neighbors."
