Maxine Waters claims Trump doubled wealth through fraudulent crypto projects
Maxine Waters claims Trump doubled wealth through crypto fraud
In a charged House Financial Services Committee hearing on April 9, Rep. Maxine Waters accused President Donald Trump of amassing vast personal wealth through what she described as “fraudulent” cryptocurrency ventures.
The Democratic lawmaker said Trump’s activities in the crypto space had harmed investors and opened potential avenues for political corruption, according to Crypto News.
Waters alleged that Trump had doubled his net worth—from $2.3 billion to $5.6 billion—by leveraging various digital asset schemes. Chief among them was the “Official Trump” token (TRUMP), a meme coin she said had caused investors to lose approximately $2 billion following an 89.93% drop from its January peak of $75.35.
“President Trump has doubled his wealth… while he and his family pocketed at least $350 million,” Waters stated. She warned that his ventures were not only financially damaging to the public but also structurally dangerous to democratic oversight.
Fears of foreign influence and regulatory bias
Waters further raised concerns about Trump’s ties to World Liberty Financial Inc. (WLFI), the organization behind the newly announced USD1 stablecoin. She argued that such projects could serve as untraceable channels for domestic and foreign entities to funnel money to Trump’s inner circle.
“The threat is not just financial—it’s political,” she emphasized. Waters criticized the subcommittee on digital assets for, in her words, “helping Trump” by passing legislation that allegedly facilitates his dominance in the crypto market.
Together with Senator Elizabeth Warren, Waters called for stringent conflict-of-interest checks on all pending crypto legislation, warning that regulatory favoritism could undermine financial transparency and national security.
Meanwhile, Senator Ted Cruz is championing Texas as a global hub for Bitcoin innovation in the U.S., aligning the state’s resources with the growing digital asset industry. With three Bitcoin mining facilities in West Texas, Cruz is merging advocacy with action.
