House Democratic leaders plan to obstruct the cryptocurrency bill hearing, as bipartisan positions are diverging

ChainCatcher news, according to Politico, Maxine Waters (Democrat from California), the top Democrat on the House Financial Services Committee, plans to obstruct the joint hearing on the cryptocurrency market structure bill on May 6. Since the joint hearing requires unanimous consent, this move could lead to the meeting's failure. Waters subsequently plans to hold a "shadow hearing" with some Democratic members, focusing on the Trump family's entanglements with the cryptocurrency industry.

This confrontation stems from a regulatory framework draft for the cryptocurrency market pushed by Republicans, which proposes to allocate regulatory authority over digital assets to different market regulatory agencies. Last Saturday, Waters called Republican committee chairman French Hill (Republican from Arkansas), demanding that provisions targeting the Trump family's cryptocurrency business be included in the legislation, or she would obstruct the hearing.

The cryptocurrency positions of the Democratic and Republican parties in the U.S. are diverging. Republicans insist that legislation should remain neutral, with Wisconsin Congressman Bryan Steil emphasizing that "the bill imposes uniform requirements on all issuers." Meanwhile, Democrats continue to use "potential conflicts of interest involving the Trump family" as a reason to delay the Republican-led friendly legislation process for the cryptocurrency industry. The hearing was originally scheduled to discuss the Republican proposal to establish the first comprehensive regulatory framework for cryptocurrency assets in the U.S. The Trump family's recent business activities in the cryptocurrency space—including their official meme coin TRUMP and related DeFi project investments—are becoming a primary target for Democrats to attack the legislative motives of Republicans.