The post Trump accused of wanting to make his stablecoin legal tender as Circle and Ripple begin ‘the stablecoin wars’ appeared on BitcoinEthereumNews.com.

President Donald Trump is facing new heat after Representative Maxine Waters accused him of trying to ditch the dollar and swap in a stablecoin tied to his own family. At a House Financial Services Committee markup hearing on April 2, Maxine told lawmakers that Trump had used his role in office to run what she called “multiple crypto schemes,” and pointed to a fresh stablecoin launched by World Liberty Financial, a company backed by Trump’s family. Maxine said Trump’s team dropped the USD1 token in March, just months after his meme coin launch in January, and slammed the former president for pushing what she described as personal crypto ventures straight from the White House. She said: “Trump likely wants the entire government to use stablecoins from payments made by the Department of Housing and Urban Development, to Social Security payments, to paying taxes. And which coin do you think Trump would replace the dollar with? His own, of course.” Waters slams Trump’s financial ties as committee debates stablecoin bill Maxine, who serves as the committee’s top Democrat, warned that a new stablecoin bill would only open the door for more of this kind of behavior. “With this stablecoin bill, this committee is setting an unacceptable and dangerous precedent, validating the president and his insiders’ efforts to write rules of the road that will enrich themselves at the expense of everyone else,” said Maxine. She linked the whole push to Trump’s inner circle and said it could change how the U.S. financial system works. The committee is reviewing amendments to the STABLE Act, along with new bills targeting illegal financial activity in crypto and attempting to block the creation of a U.S. central bank digital currency. The markup hearing is a required step before moving these proposals to a vote in…

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Filed under: News - @ April 2, 2025 7:28 pm