Though many Democrats on the House Financial Services Committee voted with Republicans to move the bill, they raised flags about the Trump-tied stablecoin.
The company is on the Financial Conduct Authority’s investment firms register which is for firms that are authorized to perform MiFID investment services.
The stablecoin deviated from its price peg as Tron founder Justin Sun claimed that First Digital Trust is “effectively insolvent,” a characterization the company pushed back on.