CoinDesk 2025-05-14 18:51:46

Trump’s Memecoin, Crypto Stake Make Legislating ‘More Complicated’: Rep. French Hill

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. 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