The Trump Family's Obsession with "Coin Hype" Sparks Criticism from Republican Lawmakers

On May 31st, Representative French Hill, who is the Chairman of the House Financial Services Committee, expressed that President Trump's activities in cryptocurrency and meme coins have added complexity to the legislative work that Congress has been engaged in for years. "This is indeed the case," said the Republican congressman. "The Trump family's participation in the realm of meme coins has made this work even more challenging because I believe it has diverted the attention of our members (both Republicans and Democrats) and prevented them from concentrating on what we should be focused on." Hill stated: "We have been making great efforts for five years, especially in the House, to obtain strong bipartisan support for stablecoins and a market framework." "If you are worried about meme coins, concerned about whether they have no value or what their significance in society is, then you need to assist me in passing a stablecoin bill and a market framework bill that will clearly define the rules for how digital assets operate in our economy." (FX Street)