Waters Slams Crypto Legislation Amid Trump Family's Billions
California Democrat and House Financial Services Committee ranking member Maxine Waters is urging Congress to delay crypto legislation due to concerns about presidential profits. She argues that passing laws without addressing conflict-of-interest protections would effectively greenlight self-dealing at the highest levels of government.
The Trump family's crypto ventures have reportedly generated $1.2 billion in increased net worth, including a notable $2 billion investment connected to a Trump-linked stablecoin. Waters believes that advancing regulatory frameworks under these circumstances would condone ill-gotten gains.
Waters has been systematically working to block or amend major crypto legislation, including the GENIUS Act and the CLARITY Act. The Senate recently voted 49-50 against advancing the CLARITY Act on party lines, illustrating the razor-thin margins in this debate.