Tensions boiled over in Washington on Tuesday as House Democrats boycotted a joint committee hearing meant to shape the future of cryptocurrency regulation, citing ethical concerns over President Donald Trump’s involvement in digital assets.
The hearing, titled “American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century,” was hosted by the House Financial Services and Agriculture Committees. It was expected to feature high-level testimony from former CFTC Chair Rostin Behnam and Coinbase executive Greg Tusar. But before it could begin, top Democrat Rep. Maxine Waters led a walkout.
“I object to this joint hearing because of the corruption of the President of the United States and his ownership of crypto and his oversight of all the agencies,” said Waters, directly accusing Trump of posing a conflict of interest.
Committee Chair French Hill fired back, accusing Democrats of injecting partisanship into what had been a collaborative effort. “The ranking member has thrown partisanship into what has historically been a strong, good working bipartisan relationship,” he said.
Rep. Bryan Steil (R-Wisc.), who was presiding over the session, announced that the hearing would proceed instead as a roundtable discussion, a notable downgrade for what was expected to be a major policy event.
The dispute arrives amid growing friction over GENIUS, a stablecoin regulatory bill designed to create a federal framework for digital dollar assets. Several Senate Democrats, including Adam Schiff and Catherine Cortez Masto, have raised red flags over gaps in the bill, especially its treatment of foreign issuers and anti-money laundering provisions.
With crypto becoming increasingly intertwined with Trump’s political and financial narrative, lawmakers remain starkly divided on how to move forward.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/crypto-hearing-erupts-as-house-democrats-boycott-over-trumps-digital-asset-ties/