Rep. Maxine Waters (D-Calif.) has sounded the alarm ahead of a key week in Washington, warning that a package of crypto-focused legislation set to go before the House could undermine investor protections, weaken regulatory enforcement, and entrench industry influence.
Writing for MSNBC on Monday, the California Democrat took aim at the CLARITY Act and GENIUS Act, arguing that they prioritize industry interests over consumer safety.
“I told you so,” Waters said. “I’m sounding the alarm about the risks of pending crypto legislation, which will open the floodgates to massive fraud and financial ruin for millions of American families.”
The debate over the bills shows not everyone is backing the U.S.’s broader pivot on crypto. Under Trump, the country has shifted from the strict posture of the Biden administration to a far more permissive approach, creating what critics see as a free-for-all benefiting politically connected players.
Among those who stand to benefit from a more welcoming approach to crypto are the Trump family themselves, who have promoted various NFT collections and memecoins, warmed to the industry and co-founded ventures such as World Liberty Financial and American Bitcoin.
There are also plans for a utility token for Trump's social media site, Truth Social, and a recent crypto ETF filing application was made by its parent company.
Lawmakers, including Waters and Sen. Elizabeth Warren (D-MA)—as well as several Republicans—have tried to bring in laws to prevent sitting presidents and their families from profiting from crypto ventures. Despite this, legislative progress has been slow.
How Congress proceeds this week will shape not only domestic markets but could also influence global norms, with regulators worldwide paying close attention to America’s stance on digital asset regulation.
In her op-ed, Waters warned that the CLARITY Act would curtail the Securities and Exchange Commission’s ability to protect investors.
“Regulators would have to wait until after investors have already been harmed to act—potentially after a company has collapsed and life savings have vanished,” she wrote.
Wall Street and Big Tech
She also criticized the GENIUS Act’s provisions on stablecoins, calling the ability to properly regulate them weak and underfunded.
Unlike traditional banking, the bill lacks requirements for community reinvestment or oversight of third-party vendors, leaving users exposed to fraud and discrimination, she argued.
Waters raised further concerns about national security, noting the legislation’s exemptions for decentralized finance and its failure to ensure compliance with the Bank Secrecy Act.
“The bill also broadly exempts the decentralized finance industry from nearly all oversight, a category that Trump’s World Liberty Financial notably claims to fall under,” she wrote.
She warned the GENIUS Act could allow foreign-controlled crypto firms to gain easier access to U.S. markets, creating additional risks.
Waters also framed the bills as giveaways to Wall Street and Big Tech, undercutting claims that crypto democratizes finance. “They give megabanks and Big Crypto the green light to consolidate control,” she said.
Sean Lee, co-founder of the International Digital Asset Exchange Association, told Decrypt the U.S.’s decisions over crypto regulation carry weight far beyond its borders.
“The U.S. is the largest and the most innovative market in the digital asset space. Having a regulatory framework in place, especially for these two very important asset classes, is critically important to setting an example for the rest of the world,” he said.
“But it is by no means perfect, and there needs to be an evolution in terms of monitoring how the market behaves and also ensuring that it is not a one-size-fits-all.”
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