The Republican Party denies accusations of Trump profiting, controversy erupts around the CLARITY bill.

Republican lawmakers on the House Financial Services Committee (HFSC) opposed concerns that President America Donald Trump could personally benefit from involvement in the crypto industry, dismissing these allegations as a "political hit" amid the ongoing debate over legislation related to digital assets.

At the hearing on June 6 organized by the Democrats, senior HFSC member Maxine Waters defended the view that lawmakers should focus on "the untapped information from the hearing on June 4" related to the (CLARITY Act). The debate over the bill to structure the cryptocurrency market, which is expected to be voted on June 10, was somewhat overshadowed by calls to include provisions to prevent Trump from potentially exploiting the law for personal gain.

Representative Bryan Steil, Chairman of the digital asset committee, dismissed criticisms as "Trump obsession syndrome," a term commonly used to describe negative reactions to the president's policies.

"My Republican colleagues even refuse to acknowledge the corruption of President Trump, which undermines the efforts to pass this bill," Representative Stephen Lynch said after Steil's speech. "I guess it's out of fear and concern about the president's reaction."

It is currently unclear whether the Democrats have enough support within the party and from the Republicans to slow down or prevent the CLARITY bill from being passed. Before Trump’s dinner party on May 22 to reward his memecoin investors, Waters proposed a separate bill aimed at banning the president, vice president, members of Congress, and their families from trading digital assets.

At the hearing on June 6, Waters argued that Trump "exploited his position as president to enrich himself from cryptocurrency." She added.

During the same hearing, Congressman Warren Davidson stated that there was "100% opposition from the Democratic side to the progress of this bill."

In the context of the polarized political landscape in America, bills proposed by one party are almost always reflexively opposed by the other party. Therefore, whichever party controls Congress will have the decisive advantage. Currently, the balance of power is tilted in favor of the Republican Party as they control both the House of Representatives and the Senate.

Market Structure Bill Aimed at Addressing the Roles of SEC and CFTC

Amanda Fischer, the policy director and operations director of the organization Better Markets and a witness at the hearing, mentioned other concerns about how the president indirectly handles digital assets through the Securities and Exchange (SEC) and the Commodity Futures Trading Commission (CFTC). Some members of both agencies are expected to resign or leave without a replacement having been nominated.

"Financial regulatory agencies are under attack," Fischer said. "Democratic commissioners appointed by the president and confirmed by the Senate have been dismissed for unclear reasons. Soon, the CFTC will have only one commissioner left. By the end of the year, the SEC will be left with a committee of three members, all Republicans, even though they have a legal duty to maintain bipartisanship."

The Senate Agriculture Committee is expected to consider Trump's nomination of Brian Quintenz for the position of CFTC Chairman on June 10. Acting CFTC Chairman Caroline Pham and Commissioner Kristin Johnson have both announced plans to leave the agency, which could make Quintenz the only commissioner for a time.

The SEC under the leadership of Chairman Paul Atkins may also witness a leadership change in 2027 when Commissioner Caroline Crenshaw is expected to leave office. Commissioner Hester Peirce, who heads the SEC's cryptocurrency task force, also just finished her term on June 5. Both commissioners can continue to work for a maximum of 18 months after their term ends if there is no replacement approved by the Senate nominated by Trump.

Thạch Sanh