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U.S. Representative Waters: Trump may attempt to replace the dollar with his family's stablecoin.
According to a report from Cointelegraph on April 3, deep tide TechFlow news states that Maxine Waters, a member of the U.S. House Financial Services Committee, expressed during a hearing that there may be a conflict of interest with the issuance of stablecoins by companies supported by President Trump and his family. Waters pointed out that Trump might want the government to use its stablecoin for various transactions, including payments for the Department of Housing and Urban Development, Social Security payments, and taxes.
The hearing will review amendments to the Stablecoin Transparency and Accountability Act (STABLE Act). Committee Chairman French Hill stated that a "clear federal framework" is needed for payment stablecoins, but the involvement of the Trump family in the industry makes legislation "more complicated." Waters urged other lawmakers not to support related bills until the issues surrounding Trump's stablecoin business are resolved.