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

Rep. Maxine Waters (D-Calif.) There was an alarm before the key week in Washington and warned that a package of legislation focused on cryptology, which is to go before the house can undermine the protection of investors, weaken regulations and attract the influence of industry.

Writing for MSNBC On Monday California Democrat heard According to the Act on Clarity and Genius, they claim to prefer industrial interests about consumer safety.

“I told you,” Waters said. “It is alarm about the risks waiting for crypto legislation that will open floods to massive fraud and financial ruins for millions of American families.”

The debate on accounts shows that not everyone supports the wider US pivot on crypto. Under Trump, the country has moved from the strict possession of the attitude of Biden’s administration to a much more permissive approach and created what critics consider freedom for all beneficial politically connected players.

Among those who benefit from a more pleasant approach to the crypt are the Trump family themselves who have promoted Different collections of NFT and MEMECOINS, heated into industry and co -founded companies such as World Liberty Financial and American Bitcoin.

There are also plans for the usefulness token for Trump’s Social Media, Truth Social and a recent application for Crypto ETF has been submitted by its parent company.

Legislators, including Waters and Senator Elizabeth Warren (D-MA)-as several Republicans-they tried to bring laws to prevent the chairmen and their families from financing from crypto enterprises. Yet legislative progress was slow.

As Congress proceeds this week, it will not only shape domestic markets, but also could affect global standards, with regulatory authorities around the world pay close attention to the American attitude to the regulation of digital asset.

In her OP-ED Waters, she warned that the Clear Act would limit the ability of the Commission for Securities and Exchange to protect investors.

“Regulatory bodies would have to wait for investors to be damaged – usually after society has collapsed and life savings have disappeared,” she wrote.

Wall Street and Big Tech

It also criticized the provisions of the brilliant Stablecoins Act and called the ability to properly regulate the weak and insufficiently funded.

Unlike traditional banking, the bill lacks the requirements for reinvesting a community or supervision of third -party sellers, so users will leave fraud and discrimination, claimed.

Waters raised further concerns about national security and recorded exceptions to legislation for decentralized finances and its inability to ensure compliance with the Bank Secrets Act.

“The bill also generally exempts the decentralized financial industry from almost all supervision, which is the category Trump World Liberty financially declares that it is under them,” she wrote.

She warned that a genius act could allow crypto companies controlled abroad to get easier access to the US markets and create additional risks.

Waters also framed accounts such as gifts on Wall Street and Big Tech, undermining the claim that crypto democratizes finances. “They give megabanks and a large crypto green light to consolidate control,” she said.

Sean Lee, co -founder of International Digital Asset Exchange Association, said Unscramble American decisions on cryptological regulation transmit weight far beyond the borders.

“The US is the largest and most innovative market in the space of digital assets. To have a control framework established, especially for these two very important classes of assets, is critically important for example for the rest of the world,” he said.

“But by no means it is not perfect and there must be development in terms of tracking the market, and also ensuring that it is not universal.”