As the US political sphere continues to discuss digital asset regulatory bills, tensions are escalating around the relationship between Trump and the cryptocurrency industry. During the same period, Singapore's financial authorities announced measures effectively prohibiting most cryptocurrency companies from providing services outside the country, and Kraken warned that careless actions by cryptocurrency event participants pose security risks.
The US House Financial Services Committee revealed differing stances during a hearing on the Digital Asset Market Structure Act (CLARITY Act). While Democrats expressed concerns about Trump potentially gaining personal benefits in the cryptocurrency market, Republican lawmakers dismissed these claims as a "political theater". Brian Steil, the Digital Assets Subcommittee chairman, countered such criticism as "Trump Derangement Syndrome", to which Democratic Representative Steven Lynch responded that "Republicans refuse to acknowledge Trump's cryptocurrency corruption issues".
Previously, Democratic Representative Maxine Waters had announced a separate bill restricting Trump, the Vice President, congressmen, and their families from participating in digital assets. This came shortly after Trump hosted a gratitude dinner for meme coin holders on May 22nd. However, it remains unclear whether these actions can substantially delay the bill's passage. The Digital Asset Market Structure Act is scheduled for a House vote on the 10th.
Meanwhile, the Monetary Authority of Singapore (MAS) formalized enhanced regulations for Digital Token Service Providers (DTSP) starting from the 30th. They specifically indicated a virtual prohibition on foreign-focused cryptocurrency services by stating that "companies serving only customers outside Singapore must obtain a separate license, which will be issued only in very limited cases". MAS cited difficulties in supervising overseas operators and money laundering concerns, stating that "these companies must cease related activities if they do not obtain permission". As a result, WazirX, which was focused on the Indian market from its Singapore base, recently announced moving its headquarters to Panama.
Another issue involves Kraken's security chief Nick Percoco highlighting cryptocurrency event security vulnerabilities. He noted a "lack of basic situational awareness", mentioning participants leaving laptops and phones unattended and publicly discussing cryptocurrency earnings and personal information. Percoco warned that "scammers can create false identities to attend events" and urged all participants to be thorough about personal security, especially cautioning against cryptocurrency-related conversations in public spaces. He particularly warned about extra care when using public chargers or WiFi.
This week, the cryptocurrency industry finds itself in multilayered tension across political, regulatory, and security domains. Trump's actions and Singapore's regulatory direction could directly impact the global cryptocurrency market's structure and future trajectory, demanding careful industry response.
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