At an April 2 hearing, Representative Maxine Waters criticized President Donald Trump’s involvement in cryptocurrency.
At an April 2 hearing, Representative Maxine Waters criticized President Donald Trump’s involvement in cryptocurrency, alleging that he is using his influence to push “multiple crypto schemes,” including a stablecoin backed by his family’s company, World Liberty Financial (WLFI). She warned that Trump aims to integrate his USD1 stablecoin into government transactions, from Social Security payments to taxes, and called on lawmakers to block him from profiting from such ventures.
“With this stablecoin bill, this committee is setting an unacceptable and dangerous precedent, validating the president and his insiders’ efforts to write rules of the road that will enrich themselves at the expense of everyone else,” Waters said.
Her remarks came as the House Financial Services Committee debated the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, introduced by Representative Bryan Steil. The bill focuses on consumer safeguards, but Waters argued that unless Congress addresses Trump’s financial ties to crypto, the legislation should not advance.
Committee Chair French Hill, who spoke before Waters, did not mention Trump but acknowledged that the president’s involvement made discussions on stablecoin regulation more difficult. “There needs to be a clear federal framework for payment stablecoins,” Hill said.
The committee also considered amendments to the STABLE Act and other bills related to financial regulations, including measures to combat illicit finance and prevent the government from launching a central bank digital currency (CBDC). The markup hearing was a critical step before the bills could move forward for a full vote in the House.
Waters urged her colleagues not to support any stablecoin legislation that would allow Trump to profit from the industry. “If there is no effort to block the President of the United States of America from owning his stablecoin business [...] I will never be able to agree on supporting this bill, and I would ask other members not to be enablers,” she said.
While Waters’ opposition was clear, Steil did not respond to her concerns about Trump’s crypto involvement, instead emphasizing the need for regulatory oversight in the industry.
The debate highlighted growing tensions over digital asset regulation, particularly as high-profile figures like Trump become more involved. Some lawmakers believe the government should establish clearer rules, while others worry about conflicts of interest and political figures profiting from financial policies they influence.
The committee’s discussions will determine how cryptocurrency legislation moves forward, with lawmakers weighing the risks and benefits of stablecoin adoption in the U.S. financial system.
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