Democrats Stall Stablecoin Legislation Amid Trump Concerns

The House Financial Services Committee is currently deliberating a stablecoin bill, but progress has been hindered by Democratic lawmakers who are raising concerns about President Donald Trump's connections to the crypto industry, particularly regarding a stablecoin launched by a family-backed company. Representative Maxine Waters has been vocal in her opposition, arguing that the legislation could legitimize Trump's potential conflicts of interest and enrich him and his insiders. While some Democrats are beginning to support the STABLE Act, they stress the need for safeguards against government officials profiting from stablecoin activities. Furthermore, bipartisan support for the bill may be jeopardized by the Trump family's involvement in the crypto sector, with concerns from lawmakers about maintaining integrity in legislative actions. The committee's discussions reflect a broader struggle within Congress over how to regulate the fast-evolving digital asset landscape while addressing ethical concerns. As the markup continues, many amendments are expected from both sides, highlighting the contentious nature of the legislative process.