House Democrats Walk Out Over Trump's 'Corruption' in Crypto, Senate Proposes MEME Act
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House Democrats, led by Rep. Maxine Waters, staged a walkout during a joint hearing on cryptocurrency regulation, protesting what they described as President Donald Trump's 'corruption' related to his family's crypto ventures. The hearing, titled 'American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century,' was intended to discuss a new market structure bill proposed by House Republicans.
The Democrats' protest was centered around Trump's involvement in the cryptocurrency industry, particularly his family's launch of World Liberty Financial and their digital dollar. Waters and other Democrats expressed concerns over potential conflicts of interest, accusing Trump of using his position to benefit his family's crypto businesses. This included events like the Crypto & AI Innovators Dinner at Trump National Golf Club, which charged $1.5 million per plate and was hosted by MAGA Inc.
In response to the walkout, Republicans continued the discussion as a 'roundtable,' focusing on the need for a regulatory framework for digital assets. Industry experts at the hearing emphasized the importance of passing a market structure bill to clarify the legal status of cryptocurrencies and foster innovation. They highlighted the involvement of Trump's family in ventures like the USD1 stablecoin, which received a $2 billion investment from Abu Dhabi's MGX Group for Binance.
Separately, Senate Democrats introduced the 'MEME Act,' aimed at prohibiting federal officials, including the president, from issuing or promoting meme coins. This legislative move was in direct response to Trump's involvement with his own meme coin, Official Trump (TRUMP), a Solana-based token valued at $2.1 billion. The act was proposed after Trump's plans to host a gala dinner for the top 220 holders of TRUMP, offering a private reception and White House tour to the top 25. The move has drawn criticism from figures like Sen. Elizabeth Warren and Rep. Sam Liccardo, with policy experts like Amanda Fischer from Better Markets, who previously worked under SEC Chair Gary Gensler, supporting the need for such legislation.
