House Republicans unveil $2 billion crypto bill amid Trump scrutiny

US President Donald Trump’s involvement in cryptocurrency businesses is drawing increased attention on Capitol Hill as House Republicans introduced a draft digital asset market structure bill on May 5.

The bill aims to clarify the regulatory roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding digital assets.

According to the draft, transactions involving digital commodities would not be considered investment contracts if purchasers lack ownership interests in revenues, profits, or assets.

Republican Representative French Hill, chair of the House Financial Services Committee, led the unveiling alongside three other Republicans.

Hill echoed some of Trump’s previous statements about making the US a “crypto capital of the world.”

Meanwhile, Democratic Representative Maxine Waters plans to lead some Democrats out of the Republican-led hearing on May 6 titled “American Innovation and the Future of Digital Assets.”

Waters intends to hold a separate hearing to investigate whether Trump personally profited from crypto activities during his presidency.

The staffer also noted that all committee members must agree to proceed with the digital asset hearing, suggesting Waters may block the Republican event.

Some members of Congress have called for Trump’s impeachment following his offer of a private dinner and White House tour for top holders of his memecoin.

Trump’s family has also backed World Liberty Financial (CRYPTO:WLFI), which launched a stablecoin, and an Abu Dhabi investment firm that used the USD1 (CRYPTO:USD1) stablecoin to settle a $2 billion Binance investment.

Republican lawmakers currently control the House, Senate, and presidency, but some have criticised Trump’s memecoin activities.

The identities of attendees for the May 22 memecoin dinner remain unclear at this time.