Why Top Democrats Are Revolting on Crypto Legislation

Waters then staged her own hearing on stablecoins. Notably, however, several Democrats remained at the original hearing, including Rep. Stephen Lynch of Massachusetts, the ranking member on a subcommittee focused on digital assets, and Rep. Angie Craig of Minnesota. "This is a really important conversation. I'm here because I think we need to be engaged, and part of the discussion," Craig said.
Craig, however, agreed that Waters was raising important issues. “It's important and it's legitimate to call out the self-dealing from the Trump administration related to hawking meme coins from the White House,” she said. “It's corrupt, it's wrong, and it makes this process of coming together to regulate crypto more partisan."
National Security Concerns
While some Democrats are focused on stopping Trump from owning a stablecoin while he’s in office, others are concerned that the current stablecoin bills in Congress could have unintended consequences. Warren, who has long been a crypto skeptic, has particularly honed in on the ripple effects on national security, arguing that the bill would make it easier for terrorists and malicious state actors to steal and cash out illicit funds.