Trump crypto ventures invade House market structure hearings
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Homepage > News > Business > Trump crypto ventures invade House market structure hearings Congress is trying to discuss digital asset legislation but keeps getting derailed by President Donald Trump’s endless parade of crypto ventures—even the ones he claims not to be involved with. On June 4, the House of Representatives held not one but two committee hearings on the Digital Asset Market Clarity (CLARITY) Act, the update to the FIT21 market structure bill that the House passed last year but the Senate failed to take up before Congress adjourned for the 2024 election. CLARITY aims to clearly demarcate which assets/activities will be overseen by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). CLARITY aims to hand the bulk of that responsibility to the CFTC, but since the two regulators report to two different House committees, two simultaneous hearings were required to get this ball rolling. The hearings generated controversy even before they got underway, as staff for Democrats on the House Financial Services Committee (FSC) raised a ruckus the day before the hearings. The staffers accused the SEC of sharing its written analysis of CLARITY with Republicans but not with Democrats, politicizing what was previously a purely technical process. The Dem staffers further alleged that SEC officials refused to answer certain questions during a “truly infuriating” phone call last week, with the SEC reportedly claiming the information was privileged. The Dems added that it appeared that the SEC staff on the call didn’t understand aspects of the bill, nor had they bothered to read questions submitted by the staffers in advance of the call. Rep. Maxine Waters (D-CA), the FSC’s ranking member, later sent a letter to newly confirmed SEC chair Paul Atkins requesting “fulsome answers” to Dems’ CLARITY questions. Aside from demarcating crypto…
Filed under: News - @ June 5, 2025 11:20 am