U.S. Lawmaker Warns Crypto Bills Could Enable Fraud Amid Legislative Push

Congressional debate over two pivotal cryptocurrency bills has intensified as Representative Maxine Waters (D-Calif) issued stark warnings about their potential to undermine financial safeguards. The CLARITY Act and GENIUS Act, slated for votes this week, face opposition from Democrats who allege the legislation could expose consumers to systemic risks while benefiting President Trump's financial interests.

Waters' MSNBC op-ed frames the bills as a regulatory Trojan horse, citing Bloomberg-reported estimates that $620 million of Trump family assets are tied to crypto ventures. The legislation's rapid advancement—with possible presidential approval by week's end—has drawn scrutiny over conflicts of interest in what proponents hail as a watershed moment for U.S. crypto policy.

Market participants await the outcome as the House prepares sequential votes, with Wednesday's CLARITY Act decision preceding Thursday's GENIUS Act deliberation. The controversy underscores growing tensions between innovation advocates and consumer protectionists in Washington's approach to digital assets.