Rep. Waters claims crypto bills could 'open floodgates' to fraud, slams Trump's ties to industry ahead of Crypto Week
Quick Take Democratic Representative Maxine Waters has once more voiced opposition to the GENIUS and Clarity crypto acts, warning they could unleash fraud. This week, the House is set to consider both bills in what’s being called the “Crypto Week.”
Democratic Rep. Maxine Waters has again criticized the GENIUS and Clarity crypto bills, saying they could "open the floodgates to massive fraud and financial ruin for millions of American families."
In a Monday opinion piece titled "My colleagues in Congress are making a mistake advancing these crypto bills" for MSNBC, Waters wrote that she had to sound the alarm again about the risks of pending crypto legislation.
This week, the House will consider two major crypto bills. Lawmakers and cryptocurrency advocates are preparing for what could be one of the most significant weeks for crypto legislation, potentially culminating in a stablecoin bill reaching President Donald Trump's desk by Friday. Sources said they expect the Clarity Act to pass on Wednesday, with the GENIUS stablecoin bill slated for Thursday.
With the "Crypto Week" approaching, Waters said that both bills "have a special, intentional wrinkle."
"They would legitimize and legalize the unprecedented crypto corruption by the president of the United States," Waters said in her op-ed.
Trump's involvement with crypto assets has been a central concern for Democrats regarding both bills. According to Bloomberg estimates , cryptocurrency ventures account for approximately $620 million of Trump and his family's wealth.
Waters also argued that the bills fail to protect consumers. "The CLARITY Act handcuffs the Securities and Exchange Commission, preventing it from proactively protecting people against fraud," she said.
"The GENIUS Act is no better," Waters continued. "Though its supporters say it will provide urgently needed protections for users of stablecoins, there's no funding provided to regulators to implement the law, and the consumer protections it provides are weak."
The GENIUS Act, which has already cleared the Senate , would establish comprehensive stablecoin regulations requiring full backing by U.S. dollars or equivalent liquid assets.
Clarity, on the other hand, takes a broader regulatory approach to cryptocurrency markets by clarifying oversight responsibilities of the SEC and the Commodity Futures Trading Commission. Under this legislation, crypto firms would need to provide retail financial disclosures and maintain separation between corporate and customer assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Has the return on Amazon's massive AI capital expenditure been underestimated by the market?
Amazon is trading at 29 times expected earnings, lower than Walmart’s 37 times, even though its revenue growth rate is three times that of Walmart. This inversion reflects deep market concerns over whether AI capital expenditures will deliver as anticipated. AWS CEO Matt Garman revealed that AWS’s annual revenue has reached $160–170 billion, with a growth rate of 37%. Enterprise cloud migration, AI-native startups, and intelligent agent workflows are simultaneously driving three growth curves.
TSMC’s $2 Billion Silicon Interposer Order Given to GlobalFoundries, Key CoWoS Components to be Produced in the U.S. for the First Time
This move marks the official extension of a key link in the AI packaging supply chain to the United States. Analysis indicates that the five-year long-term contract reflects TSMC's strong long-term outlook for silicon interposer demand. Meanwhile, Taiwanese companies UMC and PSMC are actively expanding capacity to compete for orders, but this major order has been secured by GlobalFoundries, meaning that American production capacity will become a new factor in the silicon interposer market landscape over the next five years.
Gasoline Prices Rise in Tandem with Election Poll Trends! Goldman Sachs: With 26 Days Left Until the Midterm Election, Probability of a Democratic Sweep Rises to 65%
Goldman Sachs states that the probability of a Democratic sweep has risen to 65%, but polls in red states have historically overestimated their advantage; the rise and fall of oil prices is the decisive variable.
Crypto prices
More
