Member of the U.S. Financial Services Committee, Maksine Waters, criticized the bill, which can allow President Donald Trump and his family to the “uncontrolled issuance of stablecoins”.

The US President’s family launched a new cryptocurrency project – USD1 Stablecoin under the World Liberty Financial brand. Stablecoin is tied to the value of the US dollar, provided with treasury bonds and assets in the national currency of the United States, which leads to a conflict of interests, the congressman explained.

According to Waters, the release of stabiblcoin can bring unlimited profit to the Trump family and will jeopardize Congress plans to improve the procedure for regulating digital assets. The Law on the Regulation of Stebblecoins should be discussed by the Committee on Financial Services on Wednesday, April 2.

“Republicans want to adopt a law that will make the rules for the crypto industry softer and legalize stablecoins, but they need the votes of the Democrats. Trump’s family activity complicates the task for them, ”Waters said.

Maksin Waters said that thanks to the lobbying efforts of the Republican Party in Congress, the support of the crypto industry is growing. However, the private business of Trumps adds stresses to this difficult process, the risk of pushing the congressmen and undermine the bicopartican support necessary for the adoption of new laws.

On the basis of anonymity, Assistant Waters told reporters that the politician would vote against the bill if he does not include provisions that would prevent Trump and his family to produce stabilcoins.

Earlier, Maxin Waters criticized the plans of the new White House administration to create a state cryptocurrency reserve and called President Trump tokens fraud.