JACKSON HOLE, Wyo. — Despite increasing bipartisan initiatives to bring clear regulations to the digital asset sector, a significant obstacle hindering legislation in the U.S. is the involvement of President Donald Trump and his family in the industry, according to Rep. Angie Craig (D-Minn.)
“It’s clear that our side would prefer not to have any sitting President — I won’t name names — engaging in this market unless those assets are placed in a sealed trust,” Craig stated at the SALT conference in Jackson Hole on Wednesday.
Trump and his family, notably Eric Trump, who was present during Craig’s remarks, have established businesses in the industry, particularly since Trump resumed office this past January.
Trump has launched several meme coins associated with his name, and his social media platform, Truth Social, has sought approval for multiple exchange-traded funds. Eric Trump co-founded American Bitcoin, a mining firm backed by Hut 8.
During her talk, Craig, accompanied by Rep. Bryan Steil (R-Wi.), discussed the Digital Asset Market Clarity Act, which the House passed with substantial bipartisan support last month. The Senate Banking Committee is currently developing its version of crypto market structure legislation.
While many Republicans support the bill, a considerable number of Democrats are hesitant, with the Trump family’s engagement in the industry being a primary concern, Craig noted.
“The obvious issue here is the President’s family’s involvement in this marketplace, and that acts as a barrier to gaining broader support from Democrats for the legislation,” she explained.
Craig indicated that although there is some language in the legislation aiming to limit conflicts of interest, more robust provisions are necessary to persuade additional lawmakers.
“If we could establish some wording that would prevent conflicts of interest from arising, from our viewpoint, I believe we would see significantly more Democratic support,” she stated.
Craig serves as the ranking member on the House Agriculture Committee, making her the leading Democrat on that committee. This isn’t her first allusion to the Trump family’s crypto involvement — during a committee hearing in June regarding the Clarity Act, she remarked that his crypto activities were “complicating this discussion” and proposed that Congress should impose restrictions on the circumstances under which the U.S. president can engage in markets regulated by the CFTC, including crypto.
Regardless of her criticisms, Craig still voted to advance the Clarity Act without any additional language being incorporated.
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