PANews reported on May 6 that according to The Block, due to tensions caused by US President Trump's digital asset dispute, House Democrats boycotted a hearing scheduled for Tuesday titled "American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century", which aims to discuss how to regulate the cryptocurrency industry. Maxine Waters, the committee's chief Democratic member, directly protested at the beginning of the hearing that President Trump and his family's deep involvement in the cryptocurrency industry has caused "irreconcilable conflicts of interest." She specifically mentioned the meme coin issued by the Trumps and the World Liberty Financial stablecoin project they supported, believing that this seriously affected the fairness of regulatory legislation. Bryan Steil, a Republican congressman from Wisconsin who presided over the hearing, said that the hearing will now be replaced by a roundtable meeting.
The controversy surrounding the stablecoin bill GENIUS continues to ferment. The bill requires that stablecoins must be 100% backed by liquid assets such as the US dollar and implement annual audits for projects with a market value of more than US$50 billion. Although Senate Majority Leader John Thune has said that he will push for a vote before May 26, Democratic lawmakers recently jointly pointed out that the bill has defects such as insufficient supervision of foreign issuers. At the same time, House Republicans released a draft crypto market regulatory framework revised based on the FIT 21 bill on Monday, intending to clarify the regulatory boundaries between the CFTC and the SEC.
