Democratic leaders in the House of Representatives plan to obstruct the hearing on the cryptocurrency bill, as the two parties' positions are diverging

BlockBeats News: On May 6th, according to Politico, Maxine Waters, the Chief Democratic Congressman of the U.S. House Financial Services Committee and a California Democrat, plans to block a joint hearing on the cryptocurrency market structure bill on May 6th. Due to the requirement for unanimous consent in the joint hearing, this move may result in the conference being aborted. Waters subsequently plans to lead some Democratic members to hold a 'shadow hearing', focusing on the Trump family's vested interests in the cryptocurrency industry. This standoff stems from the Republican Party's proposed regulatory framework for the cryptocurrency market, which aims to allocate regulatory authority over digital assets to different market regulatory agencies. Waters called Republican Committee Chairman French Hill (Republican of Arkansas) last Saturday, demanding that he include provisions targeting the Trump family's cryptocurrency business in the legislation, otherwise it would obstruct the hearing. The encryption positions of the Democratic and Republican parties in the United States are diverging. The Republican Party insists that legislation should remain neutral, with Wisconsin Congressman Bryan Steil emphasizing that "the bill imposes uniform requirements on all issuers. The Democratic Party continues to use the "potential conflict of interest with the Trump family" as an excuse to try to slow down the Republican led crypto industry friendly legislative process. The hearing was originally scheduled to discuss a Republican proposal to establish the first comprehensive regulatory framework for cryptocurrency assets in the United States. The recent business layout of the Trump family in the cryptocurrency field, including their official meme coin TRUMP and related DeFi project investments, is becoming a major target for Democrats to attack Republican legislative motives.