Crypto bills risk $620M fraud linked to Trump warns Rep Waters
“open the floodgates to massive fraud and financial ruin for millions of American families.” Democratic Representative Maxine Waters has condemned two major upcoming crypto bills, warning they could.
“unprecedented crypto corruption by the president of the United States.” Waters criticises the GENIUS and Clarity acts in an opinion piece for MSNBC, citing their potential to legitimise.
The House is set to consider the Clarity Act on Wednesday and the GENIUS stablecoin bill on Thursday, with expectations that the stablecoin legislation may reach former President Donald Trump’s desk by Friday.
Waters highlights Trump’s personal crypto holdings, estimated at around $620 million, as a central concern influencing the legislation’s implications.
She argues the Clarity Act restricts the Securities and Exchange Commission’s ability to proactively shield consumers from fraud.
Waters also describes the GENIUS Act’s consumer protections as weak and notes its failure to allocate regulatory funding, despite its Senate approval.
The GENIUS Act focuses on comprehensive stablecoin regulations, mandating full backing by US dollars or equivalent liquid assets.
In contrast, the Clarity Act seeks to clarify regulatory oversight responsibilities between the SEC and the Commodity Futures Trading Commission.
It requires crypto companies to provide retail financial disclosures and segregate corporate from customer assets.
Waters emphasises the bills carry a “special, intentional wrinkle” in enabling crypto activities linked to Trump.
Her critique underscores ongoing political divides over crypto regulation and consumer safeguarding.
As the bills proceed through Congress, debates continue on balancing innovation, oversight, and fraud prevention in the evolving cryptocurrency landscape.
