Source: Cointelegraph Original: "{title}"

As a senior member of the U.S. House Financial Services Committee, California Congresswoman Maxine Waters criticized the business and ethical entanglements between Trump and the cryptocurrency industry in her opening statement during a bill review hearing, including a stablecoin launched by a company supported by his family.

At the hearing on April 2, Waters told her fellow lawmakers that Trump used the presidency to promote "multiple cryptocurrency schemes" for profit, including a dollar-pegged stablecoin launched by World Liberty Financial (WLFI), a company supported by the Trump family.

The California congresswoman mentioned that Trump launched the TRUMP meme coin in January, planned to establish a national cryptocurrency reserve, and created "his own stablecoin," the USD1 token launched by WLFI in March.

Congresswoman Maxine Waters speaking at the House Financial Services Committee on April 2. Source: Republican Financial Services Committee

"Through this stablecoin bill, the committee is setting an unacceptable and dangerous precedent, allowing the president and his insiders to make rules that benefit themselves at the expense of the public interest," she added:

"Trump may want the entire government to use stablecoins, from payments by the Department of Housing and Urban Development to Social Security payments to tax payments. And which coin do you think Trump would use to replace the dollar? Of course, it would be his own coin."

Waters is not the only lawmaker criticizing Trump's cryptocurrency plans; many lawmakers and experts from different political factions have also pointed out potential conflicts of interest.

Reportedly, Committee Chairman French Hill also addressed the stablecoin issue before Waters spoke, stating that the Trump family's involvement in the cryptocurrency industry complicates legislation.

Waters further emphasized, "If there is no effort to prevent the U.S. president from having his own stablecoin business… I will never support this bill, and I will urge other members not to be proponents of such behavior."

Congressman Bryan Steil introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE Act), but did not immediately respond to Maxine Waters' concerns about Trump's stablecoin, instead mentioning the need to establish consumer protections.

Committee Chairman French Hill also did not mention Trump in his opening statement but emphasized the need to establish a "clear federal framework" for payment-type stablecoins.

The committee will review amendments to the STABLE Act, as well as other bills, including legislation to combat illegal financing using emerging financial technologies and legislation to prevent the U.S. government from issuing a central bank digital currency (CBDC).

This bill review hearing is a necessary step for the committee before submitting the bill for a vote in the House.

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