Memecoins Shake Up Capitol Hill: How ‘Hawk Tuah’ and TRUMP Token Are Disrupting Crypto Legislation

Crypto News on BitGalactic! https://bitgalactic.net/memecoins-shake-up-capitol-hill-how-hawk-tuah-and-trump-token-are-disrupting-crypto-legislation/ 🚀 Memecoins Shake Up Capitol Hill: How ‘Hawk Tuah’ and TRUMP Token Are Disrupting Crypto Legislation - BitGalactic News Haliey Welch’s viral moment isn’t over yet—this time, it’s making waves in Washington, D.C. The unexpected rise of her “Hawk Tuah” memecoin has drawn attention from lawmakers who are increasingly wary of the memecoin phenomenon, including the controversial TRUMP token tied to the former president himself. Memecoins Enter the Regulatory Spotlight Ron Hammond, senior director of government relations for the Blockchain Association, highlighted that memecoins were never a priority in crypto regulation discussions until now. “Two years ago, talks about how to regulate memecoins weren’t a thing. Now they’re mentioned within the first five minutes of conversations,” Hammond told DL News. This sudden focus could complicate the push for much-needed regulatory clarity in the $3.3 trillion crypto industry. The speculative and volatile nature of memecoins has raised concerns, even among pro-crypto lawmakers and investors. Legislation at Risk? Two major bills—one defining crypto market structure and another addressing stablecoins—could be affected by the growing controversy surrounding memecoins. FIT 21: This bill aims to grant the Commodity Futures Trading Commission (CFTC) greater jurisdiction over crypto markets. President Trump’s recent nomination of Brian Quintez, a former CFTC commissioner with ties to Andreessen Horowitz, signals a potentially crypto-friendly shift. Stablecoin Regulation: Three competing bills propose clear frameworks for stablecoin issuers, allowing both banks and non-banks to participate in issuing dollar-backed stablecoins. Hammond noted that while memecoins aren’t directly related to these bills, they are shaping discussions on how the government should regulate digital assets. “These market developments do have a very direct impact on how bill text is being drafted,” he said. Stay tuned as we decode what’s coming next! 🔥 Website: https://bitgalactic.net/ X: https://x.com/BitGalactic Facebook: https://www.facebook.com/bitgalactic LinkedIn: https://www.linkedin.com/in/bitgalactic-news-653074343/ #cryptonews #bitcoinnews #cryptocurrency The content is compiled from multiple news sources. DISCLAIMER: THE CONTENT PROVIDED ON THE BITGALACTIC ACCOUNTS IS NOT INTENDED TO BE FINANCIAL ADVICE. THE VIDEOS AND INFORMATION SHARED ARE FOR EDUCATIONAL AND ENTERTAINMENT PURPOSES ONLY. CRYPTOCURRENCIES INVOLVE SIGNIFICANT RISKS, AND IT IS CRUCIAL THAT YOU CONDUCT YOUR OWN RESEARCH BEFORE MAKING ANY INVESTMENT DECISIONS.