The House Financial Services Committee Faces Roadblock in Holding Joint Hearing on Market Structure Bill
The leading Democrat on the House Financial Services Committee, Rep. Maxine Waters, has thrown a wrench in plans for a joint hearing with the House Agriculture Committee to discuss Monday’s newly unveiled market structure discussion draft bill. Waters has made it clear that she will block efforts to proceed with the joint hearing, citing concerns over U.S. President Donald Trump’s involvement in the crypto market.
Objection to Joint Hearing
According to a Democratic staffer, Waters will object to the joint hearing, effectively preventing it from moving forward. This move comes as Trump’s engagement with crypto has been on the rise, raising red flags for Waters and her colleagues.
Unveiling of Market Structure Bill
Last week, the Financial Services and Agriculture Committees announced plans to host a joint hearing on market structure issues. The unveiling of the discussion draft bill on Monday shed light on how regulatory bodies like the Securities and Exchange Commission and Commodity Futures Trading Commission would oversee the crypto market.
“Ranking Member Maxine Waters has been vocal about Trump’s alleged crypto crimes and has urged Republicans to investigate these matters,” the staffer explained. “She made it clear to Chairman Hill that she would not approve the joint hearing unless provisions were included to prevent Trump from profiting from crypto at the expense of investors.”
Democratic Investigation into Trump’s Crypto Ties
In response to Trump’s recent crypto activities, Waters and other Democrats on the Financial Services Committee are planning to hold their own hearing to delve into the President’s connections to the crypto market, including entities like World Liberty Financial.
Pushback from Committee Chair
A spokesperson for the Financial Services Committee’s chair, French Hill, expressed disappointment over Waters’ decision to block the joint hearing. The statement emphasized the importance of bipartisan discussions on market structure legislation and urged Waters to reconsider her objection.
Despite the setback, the House Financial Services Committee remains committed to addressing market structure issues and ensuring transparency and accountability in the crypto market.