TechFlow news, April 3 — According to Cointelegraph, during a hearing U.S. House Financial Services Committee member Maxine Waters stated that stablecoin issuance by companies backed by President Trump and his family could pose conflicts of interest. Waters pointed out that Trump might want the government to use his stablecoin for various transactions, including payments from the Department of Housing and Urban Development, Social Security payments, and tax collections.
The hearing will review amendments to the Stablecoin Transparency and Accountability (STABLE) Act. Committee Chairman French Hill said a "clear federal framework" is needed for payment stablecoins, but involvement by the Trump family in the sector has made legislation "more complicated." Waters urged fellow lawmakers not to support related bills until concerns about Trump's stablecoin business are resolved.
