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Republican lawmakers on the House Financial Services Committee (HFSC) pushed back against concerns that US President Donald Trump could personally profit from his exposure to the crypto industry, dismissing the claims as political “theatrics” amid ongoing debate about digital assets legislation. In a June 6 hearing organized by Democrats, HFSC ranking member Maxine Waters defended that the lawmakers should focus on “information that has not been explored during the committee hearing” on June 4, which dealt with concerns around the Digital Asset Market Clarity (CLARITY) Act. The debate around the crypto market structure bill, expected to head for a vote on June 10, has been partly shadowed by calls for provisions to stop Trump from potentially using the legislation to his personal benefit. Representative Bryan Steil, who chairs the digital assets committee, dismissed criticisms as “Trump derangement syndrome,” a term often used to describe negative reactions to the president’s policies. Cointelegraph reached out to a Steil spokesperson for comment but had not received a response at the time of publication. “My Republican colleagues refuse to even acknowledge President Trump’s crypto corruption, which undermines their efforts to pass this bill,” said Rep. Stephen Lynch following Steil’s remarks. “I assume out of fear and backlash from the president.” It’s unclear whether the Democrats’ efforts will garner enough support among members of their party or Republicans to slow or halt passage of the CLARITY Act. Before Trump’s dinner to reward his memecoin holders on May 22, Waters introduced a separate bill to block the president, vice president, members of Congress and their families from engaging with digital assets. According to Waters at the June 6 hearing, Trump is “abusing his position as president to enrich himself off crypto.” She continued: “Not a single provision within this bill [CLARITY Act] addresses the crimes I’ve…

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Filed under: News - @ June 7, 2025 6:27 am