TRUMP Coin Complicates Proposed Crypto Legislation, Rep French Hill Says

US House Financial Services Chairman French Hill has commented on the negative impact that the TRUMP coin has on the proposed crypto legislation. This came as he described the president’s involvement in crypto as a distraction from the work that the US Congress has put into creating a regulatory framework for the industry.

French Hill Describes TRUMP Coin as a Distraction From Crypto Legislation

According to a Bloomberg report, the US congressman said that President Donald Trump’s involvement in crypto, through the TRUMP coin and other ventures, has complicated the work in Congress, which they have made to pass legislation that has been in the works for years.

French Hill explained that the Trump family’s engagement has made the work more complicated because it has distracted those in Congress, both Republicans and Democrats, from what they need to do. He noted that they have worked for five years, especially in the House, to have a strong bipartisan support for stablecoins and a market framework.

US Democrats, including Senator Elizabeth Warren and Rep Maxine Waters, have spoken against the current crypto legislation on the floor of the House, alleging that it enables Trump’s corruption through his involvement in the crypto industry. As CoinGape reported, Waters has gone as far as proposing the ‘Stop TRUMP In Crypto Act‘ to prohibit the president, vice president, and members of Congress from involving themselves in crypto.

However, Hill believes that these Congress members need to simply work with him to pass the stablecoin bill and the market framework bill if they are really concerned about the TRUMP coin and other meme coins. He noted that this legislation will lay out these rules of the road quite clearly as to how digital assets should work in the economy.

In the meantime, Trump and his family continue to expand their presence in the crypto industry. As CoinGape reported, the Trump Media Group has closed a $2.32 billion Bitcoin Treasury Reserve deal.

Stablecoin Bill Amendment Process To Begin Next Week

In an X post, journalist Eleanor Terrett revealed that the amendment process for the stablecoin bill will begin next week. As CoinGape reported, the US Senate had passed a vote to advance the GENIUS Act to the amendment process following a cloture vote to reintroduce the bill.

Meanwhile, the US House recently introduced the Digital Asset Market Clarity Act in an effort to bring clarity to the crypto industry. Ripple CLO Stuart Alderoty welcomed the Clarity Act, stating that it is a big step for US crypto regulations.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

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