Maxine Waters Warns Crypto Bills Could Trigger Financial Crisis

U.S. Representative Maxine Waters has issued a stark warning against two proposed cryptocurrency bills, the CLARITY and GENIUS Acts, labeling them as dangerous concessions to Wall Street, Big Tech, and political elites. In an op-ed for MSNBC, Waters argued that the legislation could undermine the Securities and Exchange Commission's enforcement capabilities, jeopardize investor protections, and create a breeding ground for fraud.

Drawing parallels to the repeal of Glass-Steagall, Waters accused the bills of enabling systemic risks, including alleged financial misconduct tied to former President Trump. Her critique, amplified on social media by Jungle Inc, suggests the measures could precipitate a crisis akin to past regulatory failures.

The debate unfolds as Congress prepares to vote on the bills, with proponents arguing they will foster innovation while critics like Waters fear a regulatory vacuum. The outcome could reshape crypto oversight amid growing institutional adoption and market volatility.