US Representative Maxine Waters Warns Cryptocurrency Bill Could Lead to Large-Scale Fraud
On July 15, according to Block, US Democratic Representative Maxine Waters publicly opposed two cryptocurrency bills named GENIUS and Clarity. She warned that if passed, these bills could "pave the way for large-scale fraud and financial disaster for millions of American families".
In an opinion piece, Maxine Waters emphasized that both bills undermine the regulatory role of the US Securities and Exchange Commission (SEC) in the cryptocurrency market. Additionally, she criticized the consumer protection provisions in the bills as being too loose, potentially posing significant risks to ordinary investors.
Notably, the congresswoman also criticized former President Donald Trump for his close relationship with the cryptocurrency industry. According to Waters, approximately $620 million of the Trump family's total asset value is related to digital assets - indicating the industry's growing influence on US politics.
This week, the US House of Representatives is expected to review the GENIUS and Clarity bills. This is considered an important turning point in the process of building a legal framework for cryptocurrency in the US, potentially having a profound impact on how this market will be regulated in the future.
