US Democratic Lawmakers: "Trump's Virtual Asset Activities Pose Risks of Conflict of Interest and Corruption"

At a hearing on the virtual asset (cryptocurrency) market structure bill hosted by the House Financial Services Committee, Democratic lawmakers sharply criticized President Donald Trump’s activities related to virtual assets. They expressed concern that the president’s direct intervention in the market could give rise to conflicts of interest and possibilities of corruption.

According to The Block, a specialist virtual asset media outlet, on the 4th (local time), New York State Democratic Representative Gregory Meeks stated, “Because the president has created such an outrageous situation, we are now in a position where we must discuss this issue,” adding, “I hope there will be progress through responsible discussion of the bill.”

Jim Himes, a Democratic House member from Connecticut, dismissed the Republican Party's claims that criticism of President Trump amounts to political attacks as "foolish and despicable."

He went on to warn, "If a conflict of interest prevention clause is not included in the bill, I will not vote in favor, and I will urge other Democratic lawmakers to vote against it as well."

This hearing is part of legislative discussions to overhaul the regulatory system for the virtual asset market, and is notable given that President Trump’s direct asset holdings and market interventions are emerging as variables in the bill’s review.