Catenaa, Saturday, July 19, 2025-U.S. Rep. Maxine Waters has issued a stark warning that the country could be on the verge of its first crypto-driven financial crisis if two Republican-backed bills advance through Congress this week. Writing in an MSNBC op-ed, Waters said the CLARITY Act and GENIUS Act would strip vital protections and open the door to unchecked fraud.
Waters criticized the bills as “especially dangerous,” arguing they would weaken oversight, reduce enforcement, and enable industry consolidation. She accused Republicans of enabling what she described as “unprecedented crypto corruption” tied to President Donald Trump’s $TRUMP memecoin, launched earlier this year.
“What we’re witnessing isn’t just unethical, it’s the largest fraud and abuse of power in modern history,” Waters wrote. She warned that if the legislation passes, the GOP will bear responsibility for the fallout of a potential crisis.
The remarks come as House Republicans promote “Crypto Week” on Capitol Hill, rallying support for new digital asset legislation. In opposition, Waters and Rep. Stephen Lynch declared July 14 as the start of “Anti-Crypto Corruption Week,” countering the GOP’s regulatory push.
Waters contended the bills are structured to benefit Trump, his family, and wealthy allies at the expense of investors and consumers. Despite the political tension, it remains uncertain which crypto bills will ultimately reach the president’s desk.
Her comments highlight growing polarization in Washington over the future of digital finance and federal regulation of crypto markets.
