{"id":126337,"date":"2025-04-02T18:16:45","date_gmt":"2025-04-02T18:16:45","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126337"},"modified":"2025-04-02T18:16:45","modified_gmt":"2025-04-02T18:16:45","slug":"lawmaker-alleges-trump-wants-to-replace-us-dollar-with-his-stablecoin","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126337","title":{"rendered":"Lawmaker alleges Trump wants to replace US dollar with his stablecoin"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsCalifornia Representative Maxine Waters, ranking member of the US House Financial Services Committee, used her opening statement at a markup hearing to criticize President Donald Trump\u2019s business and ethical entanglements with the crypto industry, including the launch of a stablecoin by a family-backed company.<br \/>\nAddressing lawmakers at an April 2 hearing, Waters said Trump had used his position as president to leverage \u201cmultiple crypto schemes\u201d for profit, including a US dollar-pegged stablecoin launched by World Liberty Financial (WLFI) \u2014 the firm backed by his family.<br \/>\nThe California lawmaker pointed to Trump\u2019s memecoin launched in January, his plans to establish a national cryptocurrency stockpile, and \u201chis own stablecoin,\u201d referring to WLFI\u2019s USD1 token launched in March.<br \/>\nRep. Maxine Waters addressing the House Financial Services Committee on April 2. Source: GOP Financial Services\u201cWith this stablecoin bill, this committee is setting an unacceptable and dangerous precedent, validating the president and his insiders\u2019 efforts to write rules of the road that will enrich themselves at the expense of everyone else,\u201d said Waters, adding:<br \/>\n\u201cTrump likely wants the entire government to use stablecoins from payments made by the Department of Housing and Urban Development, to Social Security payments, to paying taxes. And which coin do you think Trump would replace the dollar with? His own, of course.\u201d<br \/>\nWaters does not stand alone in her criticism of Trump\u2019s crypto ventures, with many lawmakers and experts across the political spectrum suggesting potential conflicts of interest.<br \/>\nCommittee Chair French Hill, who spoke on stablecoins before Waters, also reportedly said that the Trump family\u2019s involvement in the industry makes legislation \u201cmore complicated.\u201d<br \/>\n\u201cIf there is no effort to block the President of the United States of America from owning his stablecoin business [&#8230;] I will never be able to agree on supporting this bill, and I would ask other members not to be enablers,\u201d said Waters.\u00a0<br \/>\nRelated: Crypto has a regulatory capture problem in Washington \u2014 Or does it?<br \/>\nRepresentative Bryan Steil, who introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, did not immediately address Waters\u2019 concerns about Trump\u2019s stablecoin but referred to establishing safeguards for consumers.<br \/>\nHill did not mention Trump in his opening statement but said there needed to be a \u201cclear federal framework\u201d for payment stablecoins.<br \/>\nCrypto legislation moving through Congress<br \/>\nThe committee will consider amendments to the STABLE Act, as well as bills to combat illicit finance using emerging financial technologies and blocking the US government from issuing a central bank digital currency, or CBDC.<br \/>\nThe markup hearing was a necessary step before the committee could vote on whether to advance the bills to the House of Representatives.<br \/>\nMagazine: Trump\u2019s crypto ventures raise conflict of interest, insider trading questions<a href=\"https:\/\/cointelegraph.com\/news\/maxine-waters-donald-trump-replace-us-dollar-stablecoin?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsCalifornia Representative Maxine Waters, ranking member of the US House Financial Services Committee, used her opening statement at a markup hearing to criticize President Donald Trump\u2019s business and&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126337"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126337"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126337\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126337"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}