In a June 4 hearing of the US House Financial Services Committee, there were significant concerns about how legislation governing digital assets could be influenced by President Donald Trump's potential conflicts of interest. Ranking member Maxine Waters highlighted worries that the Digital Asset Market Clarity (CLARITY) Act might allow Trump to further capitalize on cryptocurrency investments, including his ties to World Liberty Financial. As Congress considers various crypto regulations, many Democratic lawmakers have called for investigations into Trump's personal crypto dealings. HFSC Chair French Hill noted the absence of a federal framework for digital assets and the need for regulatory clarity. The committee examined two notable bills: the CLARITY Act and the GENIUS Act, which aims to regulate payment stablecoins. However, these bills face opposition from lawmakers wary of proceeding without addressing Trump's crypto ties. Meanwhile, Trump was reportedly hosting a dinner event related to memecoins at his golf club on the same day as the hearing, raising further concerns about his engagement with the industry.

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