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Julia Smith
Author
Julia Smith
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Ranking member of the House Financial Services Committee Maxine Waters (D-CA) Congressman Stephen Lynch (D-MA) announced July 11 that next week will be known as “Anti-Crypto Corruption Week” on Captiol Hill.
Democrats Push Back On GOP Crypto Week
According to the Friday notice posted on the House Financial Services Committee’s website, Democratic lawmakers will be pushing against the Republican Party’s planned “Crypto Week” in opposition to their political opponents’ mobilization to pass crypto legislation.
Specifically, Waters and Lynch called out both the CLARITY Act and the GENIUS Act by name in the notice, going so far as to call the proposed rulemaking “dangerous pieces of crypto legislation.”
The two U.S. lawmakers also took aim at U.S. President Donald Trump’s crypto ventures, claiming his dive into the world of digital assets is merely a part of his “evil and corrupt crypto empire.”
“Aside from lacking urgently needed consumer protections and national security guardrails, these bills would make Congress complicit in Trump’s unprecedented crypto scam – one that has personally enriched himself, his entire family, and the billionaire insiders in his cabinet, all while defrauding investors,” Waters said.
Donald Trump’s Digital Asset Ventures Questioned
Trump has garnered increased scrutiny in recent months over his affiliation with novel crypto platform, World Liberty Financial, over their new USD1 stablecoin as well as his the launch of his namesake memecoin $TRUMP.
Critics of Trump’s ties to the blockchain sector allege that his Trump-affiliated cryptocurrencies may pose ethics concerns as anyone – including those involved in foreign governments – may purchase and hold the coins.
“My Republican colleagues are eager to continue doing the bidding for the crypto industry while conveniently ignoring the vulnerabilities and opportunities for abuse that exist in crypto – especially given President Trump’s acceptance of billions of dollars in investment in his family crypto business from foreign governments and his blatant conflicts of interest,” said Congressman Lynch.
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