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Trump’s Memecoin, Crypto Stake Make Legislating ‘More Complicated’: Rep. French Hill
The congressman said he thinks getting a stablecoin bill and a market structure bill on President Donald Trump’s desk by the August recess is “still doable.”
Updated May 16, 2025, 5:55 p.m. Published May 14, 2025, 6:51 p.m.
What to know:
- The U.S. House of Representatives lawmaker at the heart of crypto's legislative work in Washington, French Hill, granted that Trump's personal business in digital assets is making it tougher to move policy forward.
- Hill, the chairman of the House Financial Services Committee, is at the tip of the spear for getting legislation through the House, which he thinks can still happen this summer.
U.S. President Donald Trump’s crypto ventures, including the launch of his TRUMP memecoin in January, have complicated bipartisan efforts to get stablecoin legislation passed, Rep. French Hill, a lawmaker at the center of the industry's crypto efforts in Washington, said Wednesday at Consensus 2025 in Toronto.
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However, Hill — chairman of the House Financial Services Committee, which recently released a discussion draft of a crypto market structure bill — said that there is still a strong bipartisan consensus around the need for crypto legislation, despite Democrats’ growing frustration with the potential conflicts of interest and the opacity of Trump’s personal crypto investments.
“Despite the politics around the Trump memecoin and crypto investments that has definitely made our work more complicated, I still argue that behind the scenes, you've got constructive members and both sides of the Capitol and in both political parties working to find consensus,” Hill said in his pre-taped interview with CoinDesk.
The bipartisan consensus isn’t limited to the need for stablecoin regulations in the U.S., Hill said, adding that lawmakers on both sides of the aisle also agree on the need for a market structure bill.
“I don't want to use too trite a cliche as peanut butter and jelly, but these bills work together in the sense that if you have a stablecoin, where will you use it? How will it be used as an on-ramp or off-ramp to other digital asset activities? And that's why having both the bills is critical,” Hill said.
At the White House’s Digital Assets Summit in March, Trump said he wanted Congress to have both a stablecoin bill and a market structure bill on his desk before the month-long August recess.
“I believe that's doable,” Hill said. “We're on track. We just have to keep at it and keep at it hard, and we'll try to hit President Trump's deadline.”
Read More: Top Democrats Demand Treasury Info on Trump’s Crypto Deals, Citing ‘Bribery’ Risks
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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U.S. Senate's Crypto Market Structure Bill Gets Messy as Calendar Weighs Down
The White House has shut down proposals, and lawmakers are circulating the Democrats' asks in what had been a close negotiation, revealing 11th-hour pressure.
What to know:
- Democrats shared a response to Republicans outlining their continuing priorities for a crypto market structure bill, which they said was intended to "reach an agreement and proceed towards a mark-up."
- The document laid out concerns with financial stability, market integrity and public officials' ability to trade and profit off of crypto, echoing concerns laid out in a framework Democrats shared in September.
- The Senate is running out of time in the Congressional calendar to hold a markup hearing — a key step toward progressing the bill — before 2025 ends.
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