President Donald Trump is once again in the spotlight after Representative Maxine Waters accused him of attempting to replace the dollar with a stablecoin linked to his family.
Waters Criticizes Trump's Crypto Schemes
At a House Financial Services Committee markup hearing on April 2, Maxine Waters claimed that Trump used his office to run "multiple crypto schemes," pointing to a new stablecoin launched by World Liberty Financial, a company backed by Trump's family.
Debate on the Stablecoin Bill
Waters, the top Democrat on the committee, warned that a new stablecoin bill would only open the door for more similar behavior. The committee is reviewing amendments to the STABLE Act, along with new bills targeting illegal financial activity in crypto and attempting to block the creation of a U.S. central bank digital currency.
Crypto Industry and Stablecoin Wars
While the political controversy unfolded, crypto companies continued their moves. Circle filed its S-1 with plans to go public on the New York Stock Exchange. Ripple added more fuel to the fight as Jack McDonald, the company’s SVP of Stablecoins, announced that the RLUSD token was integrated into Ripple Payments.
The stablecoin situation sparks debate among lawmakers and crypto industry players, highlighting the importance of regulation and transparency in this rapidly evolving sector.
