According to The Block, due to the tension caused by US President Trump's digital asset dispute, House Democrats boycotted the scheduled hearing on Tuesday titled "The Future of American Innovation and Digital Assets: A Blueprint for the 21st Century," which aims to discuss how to regulate the cryptocurrency industry. At the beginning of the hearing, Maxine Waters, the chief Democratic senator of the committee, directly protested that President Trump and his family's deep involvement in the cryptocurrency industry has caused an "irreconcilable conflict of interest". She specifically mentioned the meme coin issued by the Trump couple and the World Liberty Financial stablecoin project they support, believing that this seriously affects the fairness of regulatory legislation. Wisconsin Republican Congressman Bryan Steil, who presided over the hearing, stated that it will now be replaced by a roundtable discussion.
The controversy surrounding the stablecoin bill GENIUS continues to ferment, which requires stablecoins to be 100% supported by liquid assets such as the US dollar and conducts annual audits on projects with a market value exceeding $50 billion. Although Senate Majority Leader John Thune has stated that he will push for a vote before May 26th, Democratic lawmakers have recently jointly pointed out flaws in the bill, such as inadequate regulation of foreign issuers. At the same time, House Republicans on Monday released a draft regulatory framework for the cryptocurrency market based on the revised FIT 21 bill, which aims to clarify the regulatory boundaries between the CFTC and SEC.
