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Trump’s Crypto Ties at Forefront as U.S. Lawmakers Weigh Crypto Market Structure Bill

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U.S. House of Representatives Republicans are forging ahead with legislation to establish regulations for U.S. crypto markets, dissecting that effort in a pair of hearings on Wednesday, but Democrats insist the complex bill is hurried, flawed and fails to address a chief complaint: their accusations that President Donald Trump is engaged in crypto corruption.

The House Financial Services Committee and House Agriculture Committee both examined the changes contemplated by Digital Asset Market Clarity Act, with witnesses in the financial committee including two former chairmen of the Commodity Futures Trading Commission and a former acting chairman of the Securities and Exchange Commission.

Republican lawmakers praised the bill as an urgently needed, long-awaited answer to both the digital assets industry’s desperation for clear rules and also to the concerns that crypto innovations will continue to flee overseas if the U.S. fails to match the regulatory work that’s moved far ahead in other jurisdictions, including in Europe and Asia.

«This is the future, and we better get our act together,» said Representative Bill Huizenga, the vice chairman of the House Financial Services Committee, who argued the status quo is offering consumers zero protections.

Crypto bills in both the House and the U.S. Senate in this and the previous congressional session have cleared multiple voting tests to demonstrate significant bipartisan support. However, Democratic lawmakers who have been among those yes votes in committees and on the House and Senate floors have suggested that the potential conflicts-of-interest demonstrated in President Donald Trump’s personal crypto business interests must be addressed to maintain that support.

Representative Jim Himes, a Connecticut Democrat who was once a banker at financial giant Goldman Sachs Group Inc., said he’s in that category.

«The way to deal with the Trump stuff is to make sure that this bill has — literally — platinum consumer protections,» he said, citing money-laundering constraints and also conflict-of-interest language for public officials. «I will not vote yes on this thing unless it does.»

Democrats have openly accused Trump of corruption in his crypto dealings, in which he and his family are reportedly collecting millions in profits and fees from the industry — including anonymous foreign investors — as the federal government debates how to regulate those same activities the Trumps are involved in.

Almost all the Republicans on the financial-services panel maintained a distance from the Democrats’ chief complaint, only mentioning Trump’s name when praising his administration for its crypto support. Then Representative Andy Barr of Kentucky leapt into the fray directly, admonishing the Democrats’ «carelessly thrown-out accusation and this baseless politically motivated attack against President Trump.»

«They know that the president’s assets are in a blind trust managed by his children who are not members of the administration,» Barr contended, though blind trusts are formal agreements that leave their beneficiaries with no knowledge of their investments — not a description of Trump’s relationship with his family business. The lawmaker said the Democrats’ opposition is «about them opposing American leadership in crypto.»

Himes criticized Barr’s «ill-advised and cheap shot that we are engaging in politics.»

Democrats also raised other issues with the 236-page Clarity Act, arguing that they haven’t had enough time to get a handle on the hugely complex legislation, that it doesn’t focus enough on protections for consumers, falls short on dealing with crypto in illicit finance and potentially leaves loopholes for existing securities firms to use the new rules to dodge regulation.

«On the one hand, we’re trying to protect people investing in crypto, but on the other hand, we’re doing things that may undermine protections in our traditional securities markets,» said witness Timothy Massad, a former CFTC chairman who now focuses on digital assets at Harvard University’s Kennedy School of Government.

«We must not screw up existing securities regulations or standards,» Himes said, asking why the bill’s special securities-regulation exemptions for certain investment contracts for digital commodities need to exist, arguing that the legislation’s exemptions might be abused by sophisticated securities lawyers.

But committee Chairman French Hill argued this bill is «more robust» on consumer and market protections than the predecessor legislation in the last session, which drew yes votes from 71 Democrats in the House.

While the House may be able to more easily advance controversial legislation, the Senate generally requires wide bipartisan support to clear its particular hurdles. So, Democrats there must be on board before the market structure bill can become law.

Next week, the Clarity Act may get a markup in Hill’s committee — a formal session in which legislation is debated and amended before potentially being advanced to the overall House. The financial services panel’s ranking Democrat, Representative Maxine Waters, said on Wednesday that this next stage could come on June 10.

Read More: U.S. House Republicans Officially Introduce Crypto Market Structure Bill

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Bitcoin Holds Above $105K Despite Donald Trump’s Threats Against Elon Musk

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Bitcoin BTC held firm above $105,000 on Saturday despite an unusually combative and personal escalation in the Trump-Musk feud that could rattle traditional markets next week.

On Saturday, in a phone interview with NBC News, President Trump warned that there would be “serious consequences” if Elon Musk financially backed Democratic candidates running against Republicans who support the GOP’s budget bill. “If he does, he’ll have to pay the consequences for that,” Trump said, adding later, “He’ll have to pay very serious consequences if he does that.”

Trump, who has often boasted of past support from Musk, firmly dismissed the idea of mending ties. “No,” he said when asked whether he wished to repair the relationship. “I would assume so, yeah,” he added when asked if the rift was permanent.

Despite the intensifying feud between two of the most influential figures in U.S. politics and technology, Bitcoin remained unfazed. The cryptocurrency held onto earlier gains and continues to trade near weekly highs. The market’s composure suggests that traders may increasingly view BTC as a hedge against institutional dysfunction, or at least as an asset insulated from the partisan fallout that tends to impact equities more directly.

Technical Analysis Highlights

  • BTC traded in a 24-hour range of $1,162 (1.13%), from a low of $104,624 to a high of $105,786, according to CoinDesk Research’s technical analysis model.
  • Strong support formed at $104,800, where above-average volume confirmed buyer interest.
  • Resistance at $105,200 was broken and has since flipped into a short-term support zone.
  • Volume peaked at 378 BTC during key breakout moments, especially around 13:43–13:46 and 13:53.
  • A short consolidation occurred between $104,300–$104,600 before the final surge to near highs.
  • An ascending price channel remains intact, showing bullish structure despite intermittent pullbacks.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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Ether Holds Steady Above $2,500 as ETF Demand Signals Institutional Confidence

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Ether ETH has rebounded firmly from key support near $2,460, recovering losses and stabilizing above the $2,500 threshold amid broader market volatility.

The rally follows a higher low formation backed by above-average volume, signaling growing market confidence.

Institutional participation appears to be reinforcing the trend, with BlackRock’s ETHA ETF reporting $492 million in net inflows last week.

Total holdings now exceed $4.84 billion, reinforcing long-term bullish sentiment even as price action remains sensitive to geopolitical developments.

Traders are watching to see if ETH can challenge resistance in the $2,520–$2,530 range.

Technical Analysis Highlights

  • ETH traded within a $72 range over 24 hours, from a low of $2,460.35 to a high of $2,532.41.
  • A key support zone formed at $2,460–$2,470, where ETH bounced on strong volume during midnight hours.
  • Final hour surge reached $2,515.11, backed by 5,919 ETH in volume.
  • Higher low structure established with interim support at $2,485 and resistance at $2,503.
  • Final retracement held support at $2,507, with price consolidating around $2,510 into the close.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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Coinbase, BiT Global End Legal Fight Over WBTC Delisting

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Coinbase and BiT Global have reached a legal settlement that ended their dispute over the delisting of BiT Global’s wrapped bitcoin (wBTC) token on Coinbase.

According to a joint court filing, BiT Global has agreed to dismiss its lawsuit against the crypto exchange with prejudice, meaning the case cannot be brought again in the future. The filing notes that both companies will cover their own legal expenses.

BiT Global had filed the lawsuit last year in the Northern District of California after Coinbase delisted the token over what it said was “unacceptable risk” that the tokenized BTC would “fall into the hands of Justin Sun.”

Sun became affiliated with wBTC in August last year through a partnership, prompting Coinbase to question BiT Global about his role. Sun, a Chinese-born crypto billionaire, has nevertheless been supporting the token, with World Liberty Financial dropping its cbBTC for wBTC after he joined as an advisor.

The suit alleged the exchange’s decision was unjustified and harmed the token’s liquidity and reputation while favoring Coinbase’s competing asset cbBTC. Coinbase launched cbBTC just two months before announcing it was delisting wBTC.

The dismissal does not disclose any settlement terms beyond the cost arrangement.

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