House Democrats Leave Crypto Hearing, Pointing to Trump’s ‘Crypto Corruption’
A prominent House hearing on cryptocurrency regulation grew tense on Tuesday as House Democrats, led by Rep. Maxine Waters, walked out in protest over President Donald Trump’s involvement in the crypto space.
The joint hearing — organized by the House Financial Services and Agriculture Committees — was intended to discuss a new draft of market structure legislation that would allocate oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
However, throughout the discussion, the focus on regulatory frameworks was briefly disrupted by escalating political tensions.
Waters, the leading Democrat on the Financial Services Committee, formally objected to the hearing at its beginning.
“I object to this joint hearing due to the corruption of the President of the United States and his ownership of crypto, as well as his oversight of all the agencies,” she stated during the session before walking out with other Democratic members.
In a heated exchange, Waters continuously “insisted on the objection,” referencing questionable connections between Trump and the cryptocurrency industry.
Partisan concerns over crypto
The walkout followed Waters’ earlier warning to Committee Chair French Hill that she would oppose the hearing unless Republican lawmakers agreed to include provisions addressing Trump’s financial connections to crypto.
These connections have recently garnered more scrutiny, with Trump and his wife, Melania, launching their own memecoins, and a pro-Trump financial group, World Liberty Financial, introducing a stablecoin.
Trump also hosted a crypto fundraising dinner on Monday night, with costs reportedly reaching $1.5 million per plate.
Hill responded by defending the bipartisan nature of the legislative efforts, emphasizing that the new draft “establishes universal requirements for issuers of all types” and should not be disrupted by political disagreements, as reported by Politico.
Democrats against GENIUS
Democrats have raised concerns regarding the GENIUS Act, a proposed stablecoin bill aimed at setting federal standards for issuance and compliance. Over the weekend, several Democratic senators, including Mark Warner and Raphael Warnock, highlighted issues such as the necessity for stronger anti-money laundering regulations and more stringent oversight of foreign issuers.
Waters is reportedly planning a separate “shadow hearing” to underscore what she perceives as conflicts of interest concerning Trump’s crypto endeavors.
Joint hearings in the House require unanimous consent, yet the hearing continues at the time of writing.
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