Congresswoman Waters warns of fraud in US cryptocurrency bills
- Crypto Week could change cryptocurrency regulation
- Trump linked to projects criticized by Waters
- Waters denounces the risks of stablecoin fraud
Democratic Representative Maxine Waters has again spoken out against the GENIUS and Clarity bills, which will be debated this week in the U.S. House of Representatives during what is being dubbed "Cryptocurrency Week." According to Waters, both proposals could result in "massive fraud and financial ruin for millions of American families."
Em article published by MSNBC , the congresswoman states that the two bills "have a special and intentional peculiarity" in that, according to her, they favor corrupt practices in the sector. Waters emphasized that "they would legitimize and legalize unprecedented corruption in the cryptocurrency sector by the President of the United States."
The criticism comes amid President Donald Trump's growing influence in the sector. According to Bloomberg estimates, cryptocurrency assets linked to the Trump family total approximately $620 million, raising concerns among Democrats about potential conflicts of interest in the legislation's passage.
The GENIUS Act, already approved by the Senate, establishes specific rules for stablecoins, requiring them to be backed entirely by dollars or liquid assets of equivalent value. However, Waters argues that the bill fails to provide a budget for regulators to enforce the proposed rules, in addition to presenting consumer protections that are considered weak.
The Clarity bill seeks to structure more comprehensive regulation for the cryptocurrency market. The proposal clearly defines the oversight roles of the SEC and the Commodity Futures Trading Commission. It also requires companies in the sector to maintain segregation between their own and client assets, as well as provide financial disclosures to retail investors.
Waters harshly criticized this approach, claiming that Clarity "handcuffs the Securities and Exchange Commission (SEC) from proactively protecting people from fraud." The congresswoman emphasized that, despite promises of regulatory progress, the proposals pose significant risks to consumer protection.
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.
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