US President Donald Trump’s cryptocurrency dealings are under scrutiny as House Republicans introduce a digital asset bill, influencing US digital asset legislation. On May 5, Republican lawmakers in the US House of Representatives revealed a draft bill for a digital asset market structure, triggering a united response from Democrats concerning Trump’s growing ties with the industry. Democratic sources mentioned plans for a walkout from a Republican-led hearing on digital assets by House Financial Services Committee Ranking Member Maxine Waters. The upcoming May 6 hearing, titled “American Innovation and the Future of Digital Assets,” could discuss the proposed legislation to establish a regulatory structure for the crypto market. The draft bill, unveiled by Rep. French Hill and other top Republicans, aims to clarify the treatment of digital assets by regulatory bodies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill echoes some of Trump’s views on crypto, advocating for the US to become a “crypto capital of the world.” It includes a provision for joint rules by the SEC and CFTC to define digital commodities and exclude them from being considered investment contracts. Democrats, led by Waters, are considering blocking the Republican-led event to explore Trump’s connections to the crypto industry. Some members of Congress have called for Trump’s impeachment following reports of special privileges offered to top memecoin holders and his family’s involvement with firms launching stablecoins. Waters has urged Republicans to amend legislation to prevent conflicts of interest that could benefit Trump personally through crypto ventures. Republican control of the House, Senate, and presidency has led to criticism from within the party regarding Trump’s actions related to the crypto industry. Further developments on this story will be shared as they unfold.