- Democrats oppose GOP crypto bills, citing risks to consumer protection and national security.
- Waters links the legislation to Trump’s alleged $1.2B crypto gains and abuse of power.
- Lynch warns Anti-CBDC bill may block innovation and invite foreign-influenced vulnerabilities.
House Democrats, led by Rep. Maxine Waters and Rep. Stephen Lynch, have announced a coordinated campaign titled “Anti-Crypto Corruption Week” to challenge a set of Republican-backed cryptocurrency bills. The initiative is aimed at blocking legislation that Democratic leaders say would endanger consumer protections and enable financial misconduct linked to President Donald Trump.
The campaign targets three proposed bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. Waters, Ranking Member of the House Financial Services Committee, stated that these measures would eliminate essential safeguards, making it easier for fraudulent practices to take root within the crypto sector.
According to Waters, the legislative package not only lacks consumer protection and national security frameworks but also supports what she referred to as Trump’s “crypto scam,” which has reportedly generated $1.2 billion for the president. She criticized the bills as enabling self-enrichment through political connections.
Waters argued that fast-tracking these measures sends a troubling message regarding Congress’s oversight role, especially as it relates to evolving financial technologies. She noted that lawmakers must prioritize stability, integrity, and accountability in any future digital financial system.
Foreign Investment and Conflict of Interest Allegations
Representative Stephen Lynch, Ranking Member of the Subcommittee on Digital Assets, raised further concerns about foreign influence. He claimed that Trump’s crypto-related ventures had received significant funding from foreign governments, raising questions about national security and policy bias. Lynch emphasized that the GOP-sponsored legislation would further weaken safeguards and create new vulnerabilities.
He added that the Anti-CBDC bill, in particular, would limit federal research into central bank digital currencies, stalling innovation while allowing unregulated entities to exploit technological gaps. Both lawmakers stressed that the American financial system must remain grounded in transparency and trust. They urged members of Congress to reconsider the implications of the proposed legislation and reaffirm their commitment to upholding regulatory standards that protect the public.
Related: House Democrats Take Aim at $TRUMP Meme Coin with New Legislation: MEME Act
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