Leading House Democrats to Reject Hearing on Cryptocurrency Market Structure Bill
Author: Nikhilesh De | Edited by: Aoyon Ashraf Updated: May 6, 2025, 2:32 AM Published: May 5, 2025, 7:47 PM
The top Democrat on the House Financial Services Committee, Rep. Maxine Waters, will stop efforts to hold a joint hearing with the House Agriculture Committee on a newly proposed market structure bill that was introduced Monday.
Under House rules, all members of a joint session must agree to hold it. Waters will oppose the joint session and will not allow it to proceed as planned, a Democratic official told CoinDesk, citing President Donald Trump’s recent and increasing involvement in the cryptocurrency sector.
The House Financial Services and Agriculture committees announced joint hearings last week and earlier in the day released initial language on the issue, including how the Securities and Exchange Commission and Commodity Futures Trading Commission would oversee cryptocurrencies.
“Member Maxine Waters has been vocal about Trump’s crypto crimes and has urged Republicans to investigate the allegations,” the source said. “Ahead of tomorrow’s hearing, Waters contacted Chairman Hill and told him she would not agree to the hearing unless Republicans added provisions to their bill to prevent Trump from profiting from cryptocurrency at the expense of investors.”
In a statement released Monday evening, Waters said: “President Trump’s actions have fundamentally changed the cryptocurrency landscape in ways far more dangerous than we could have imagined. Quite frankly, Donald Trump and his family’s crypto-corruption represents the largest and most egregious scheme in modern history.”
Waters added that she had told House Financial Services Committee Chairman French Hill that she would agree to the hearing if he “included provisions in his cryptocurrency legislation that would prevent Trump and his family, as well as members of Congress and other elected federal officials, from profiting from cryptocurrency at the expense of American families.”
The hearing will feature invited experts including University of Manchester research fellow Chastity Murphy, who previously worked on stablecoin legislation with Congresswoman Rashida Tlaib; Harvard Kennedy School fellow and former CFTC Chairman Timothy Massad; Americans for Financial Reform senior policy analyst Mark Hayes; and Revolving Door Project founder Jeff Houser.
Politico was the first to report that Waters would be
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