PANews reported on May 31 that according to Bloomberg, French Hill, chairman of the House Financial Services Committee, said that President Trump’s activities in the field of cryptocurrency and memecoins have complicated the passage of legislation that has been brewing for years in Congress. French Hill has been committed to gaining bipartisan support for stablecoins and market frameworks for five years, and believes that the passage of the Stablecoin Act and the Market Framework Act will provide clear rules for digital assets.

“The Trump family’s involvement in the memecoin space complicates that effort because it distracts, I think, our Republican and Democratic lawmakers from focusing on what we really need to do,” French Hill said at the Reagan National Economic Forum in Simi Valley, California. In addition, French Hill warned potential traders to be wary of potentially risky assets, including memecoins.