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Trump’s Memecoin, Crypto Stake Make Legislating ‘More Complicated’: Rep. French Hill
The congressman said he thinks getting a stablecoin bill and a market structure bill on President Donald Trump’s desk by the August recess is “still doable.”
What to know:
- The U.S. House of Representatives lawmaker at the heart of crypto's legislative work in Washington, French Hill, granted that Trump's personal business in digital assets is making it tougher to move policy forward.
- Hill, the chairman of the House Financial Services Committee, is at the tip of the spear for getting legislation through the House, which he thinks can still happen this summer.
U.S. President Donald Trump’s crypto ventures, including the launch of his TRUMP memecoin in January, have complicated bipartisan efforts to get stablecoin legislation passed, Rep. French Hill, a lawmaker at the center of the industry's crypto efforts in Washington, said Wednesday at Consensus 2025 in Toronto.
STORY CONTINUES BELOW
However, Hill — chairman of the House Financial Services Committee, which recently released a discussion draft of a crypto market structure bill — said that there is still a strong bipartisan consensus around the need for crypto legislation, despite Democrats’ growing frustration with the potential conflicts of interest and the opacity of Trump’s personal crypto investments.
“Despite the politics around the Trump memecoin and crypto investments that has definitely made our work more complicated, I still argue that behind the scenes, you've got constructive members and both sides of the Capitol and in both political parties working to find consensus,” Hill said in his pre-taped interview with CoinDesk.
The bipartisan consensus isn’t limited to the need for stablecoin regulations in the U.S., Hill said, adding that lawmakers on both sides of the aisle also agree on the need for a market structure bill.
“I don't want to use too trite a cliche as peanut butter and jelly, but these bills work together in the sense that if you have a stablecoin, where will you use it? How will it be used as an on-ramp or off-ramp to other digital asset activities? And that's why having both the bills is critical,” Hill said.
At the White House’s Digital Assets Summit in March, Trump said he wanted Congress to have both a stablecoin bill and a market structure bill on his desk before the month-long August recess.
“I believe that's doable,” Hill said. “We're on track. We just have to keep at it and keep at it hard, and we'll try to hit President Trump's deadline.”
Read More: Top Democrats Demand Treasury Info on Trump’s Crypto Deals, Citing ‘Bribery’ Risks
Cheyenne Ligon
On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY's Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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