Rep. Maxine Waters Opines on Upcoming US Crypto Bills: 'I Told You So'

Key Points

1. Rep. Maxine Waters criticized the CLARITY Act and GENIUS Act, arguing they undermine the SEC's ability to protect investors and lack proper stablecoin regulation.

2. House Democrats staged a walkout during a digital assets hearing, protesting what they see as industry-friendly legislation influenced by former President Trump.

3. Waters warned the GENIUS Act could allow foreign-controlled crypto firms easier access to U.S. markets, posing national security risks.

4. Sen. Elizabeth Warren condemned Trump's involvement in crypto, calling it an 'orgy of corruption' and highlighting concerns about undisclosed financial interests.

5. The debate reflects broader tensions over crypto regulation, with critics accusing the bills of favoring Wall Street and Big Tech over public safeguards.