House Democrats Launch ‘Anti-Crypto Corruption Week’
House Democrats, Maxine Waters and Stephen Lynch, have initiated a campaign to mobilize fellow Democrats against the crypto bills, the GENIUS and Clarity Act. They have designated the upcoming week as ‘Anti-Crypto Corruption Week’ to counter the concurrent ‘Crypto Week’ organized by the GOP-led House. The focus of this initiative is to promote the GENIUS Act, CLARITY Act, and Anti-CBDC Security State Act.
Challenging Crypto Legislation
In a joint press release, Maxine Waters, the leading Democrat on the House Financial Services Committee, and Stephen Lynch, a member of the Subcommittee on Digital Assets, announced the commencement of ‘Anti-Crypto Corruption Week.’ They aim to rally Democrats to oppose what they perceive as the rushed advancement of the crypto bills orchestrated by the Republicans.
Waters and Lynch argue that these bills could facilitate significant crypto fraud and justify what they describe as ‘President Trump’s crypto corruption,’ alleging that it has contributed $1.2 billion to his wealth. Waters expressed concerns over the lack of essential consumer protections and national security measures in the proposed legislation, emphasizing that endorsing these bills would implicate Congress in Trump’s alleged crypto misconduct.
Efforts to Combat Alleged Corruption
This latest initiative is part of Waters’ ongoing endeavors to thwart what she sees as Trump’s unethical practices in the crypto sphere. Earlier in May, Waters introduced the ‘Stop Trump In Crypto’ Act to prevent the president from participating in crypto-related activities.
Despite the concerted opposition from House Democrats, the crypto bills have successfully cleared the markup stage and are now poised for a House floor vote in the upcoming week. Concurrently, White House crypto advisor, Bo Hines, alluded in a recent post to the significance of the forthcoming ‘Crypto Week’ activities.
