Democrats led by Rep Maxine Waters and Rep Stephen Lynch are gearing up to launch “Anti-Crypto Corruption Week” in an effort to thwart the passage of the GENIUS Act, CLARITY Act, and Anti-CBDC bill. Their primary concern is that these bills could potentially pave the way for what they perceive as Trump’s crypto corruption.
Maxine Waters, the leading Democrat on the House Financial Services Committee and ranking member of the subcommittee on digital assets, along with Stephen Lynch, have announced their plans to kick off this initiative next week. This move comes in response to the Republicans’ announcement of a “crypto week” starting on July 14th. The two lawmakers are determined to lead Democrats in opposing what they dub as “the House three dangerous pieces” of crypto legislation, citing a lack of essential consumer protections and national security safeguards in the proposed bills.
According to Waters, the Republican-led CLARITY Act and the Senate’s GENIUS Act pose significant risks to our financial stability, national security, and consumer protections. Democrats are staunchly against these bills, labeling them as potential enablers of Trump’s alleged crypto scam, aimed at personal enrichment for himself, his family, and his associates within the industry. Reports suggest that Trump has amassed a staggering $1.2 billion from his involvement in the crypto sector.
In a scathing rebuke, Maxine Waters accused Republicans of being complicit in Trump’s purported corruption, emphasizing the need to protect consumers, investors, and the integrity of the financial system from abuse of power. Congressman Lynch echoed these sentiments, criticizing his Republican counterparts for prioritizing the interests of the crypto industry over addressing vulnerabilities and opportunities for exploitation within the sector.
Democrats are resolute in their stance against what they view as a rush to pass detrimental crypto legislation, emphasizing the importance of safeguarding the financial system from self-dealing, lawlessness, and abuse of power. They are committed to reminding the public of the grave consequences of enabling such corruption and vow to uphold the principles of consumer protection, investor security, and democratic values.
Meanwhile, Democrats have also raised concerns about the Anti-CBDC Surveillance State Act, warning that it could impede US Government research and inadvertently provide China with a competitive advantage in the realm of digital currencies. China has been making significant strides in the development of its digital yuan, e-CNY, with plans to establish an international operations center in Shanghai to support the currency’s global adoption.
In light of these developments, Democrats are steadfast in their opposition to initiatives that could potentially compromise the financial future of Americans and empower illicit activities within the crypto space. The battle over crypto legislation continues to intensify, with both parties entrenched in their respective positions on how best to regulate and harness the potential of digital assets.