1. What happened?
- A UAE‑backed fund pledged $2 billion to buy World Liberty Financial’s USD1 stablecoin, a venture linked to Trump’s family.
- Minutes later, Rep. Maxine Waters led Democrats out of a joint House crypto hearing, calling the deal “blatant corruption.”
2. Why it matters.
- The hearing was set to hash out the Digital Asset Market Structure Draft and the GENIUS Act, the Senate’s flagship stablecoin bill. Both are now on ice.
- Senate Democrats floated an “End Crypto Corruption” plan that would bar presidents and lawmakers from owning or promoting coins.
3. The backlash.
- Axios reports the clash could sink any crypto deal this year.
- Reuters says GOP leaders fear lost momentum on long‑promised rules of the road for digital money.
- CoinDesk notes even pro‑crypto Democrats are “slamming the brakes.”
4. Trump world’s reply.
- The White House says Trump’s assets sit in a trust, so no conflict exists. Lawmakers aren’t buying it.
- Supporters claim the deal shows global demand for U.S.‑branded stablecoins. Critics call it a “pump‑and‑influence” play.
5. What’s next?
- The hearing will be rescheduled, but Waters vows to block votes until ethics fixes land in every crypto bill.
- Expect fresh probes, plenty of political ads, and zero quick wins for the crypto lobby.
