JACKSON HALL, WY — Despite the growing number of bipartisan efforts to bring clear regulations to the digital asset industry, one way to pass laws in the US is the action of President Donald Trump and his family’s sector.
“It’s no secret that my side of the aisle doesn’t like to see the president sitting down. I won’t be part of this market – unless their assets are in a sealed trust, I will be part of this market.”
Trump and his family, especially Eric Trump, who attended the venue during his appearance with Craig, have built his business in the industry, especially since Trump took office this January.
Trump has issued several meme coins tied to his name, and his social media platform, Truth Social, has applied for several exchange sales funds. Eric Trump co-founded American Bitcoin, a mining company owned by Hut 8.
Joined by Rep. Brian Steele (R-Wi.), Craig spoke about the digital asset market clarity law last month that the House passed in a massive, bipartisan vote. The Senate Banking Committee is working on its own version of the Crypto Market Structure Act.
While most Republicans are in favor of the bill, many Democrats remain skeptical, and the main reason for this is their involvement in the Trump family’s industry, Craig said.
“The elephant in the room here is the president’s family participation in this market, and it’s a stumbling block to support the law for more Democrats,” she said.
Craig said there are several languages in this conflict of interest law, but it requires a stronger tone to be spoken to convince some lawmakers.
“From our perspective, if you can find a language that allows or prevents conflicts of interest, then you’ll have far more support for it, and I think more than a lot more Democrats will support it,” she said.
Craig is a ranking member of the House Agriculture Committee. In other words, she is the leading Democrat on that committee. This is not the first time she has referred to the Trump family’s crypto partnership. During the Commission’s hearing on Clarification Act in June, she said his crypto-action “makes this discussion even more difficult,” suggesting that Congress should limit how it can trade in markets overseen by the US president by the CFTC, including Crypto.
Despite her comments, Craig voted to proceed with a clear act without the addition of such language.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
