Democratic Representatives Maxine Waters and Stephen Lynch have initiated "Anti-Crypto Corruption Week" to oppose three Republican-backed cryptocurrency bills: the CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance State Act. They argue these bills weaken financial oversight, enable corruption, and could personally benefit Donald Trump through crypto ventures.
Democrats offered nearly 30 amendments during committee markups—aimed at preventing self-dealing and enhancing consumer safeguards—but Republicans blocked all proposals. Waters organized expert reviews highlighting regulatory loopholes, while Lynch warned the anti-CBDC bill would cede technological advantage to China. The effort recalls the 2019 Libra hearings, where similar Democratic actions caused market volatility.
Waters stated: "Cryptocurrencies are a dangerous backdoor, providing an avenue for foreign influence and corrupt practices in our political process." The initiative raises concerns about U.S. market stability, liquidity constraints, and regulatory hurdles for major cryptocurrencies like BTC and ETH.