Representative Maxine Waters criticized President Donald Trump’s financial ties to the crypto industry during a House Financial Services Committee hearing. She claimed that Trump is using his influence to promote several crypto initiatives for personal gain, including a family-backed stablecoin launched by World Liberty Financial. Waters suggested that Trump has ambitions for the US government to transition to his stablecoin for various federal payments. She stated that supporting stablecoin legislation without addressing Trump's conflicts of interest would set a dangerous precedent. Other committee members, including Chair French Hill, acknowledged the complications stemming from Trump’s involvement in the crypto space, calling for a clear federal framework for stablecoins. The committee plans to examine amendments to the STABLE Act and other proposals regarding emerging financial technologies, marking a critical step towards potential legislation in the House.

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