House Democrats oppose CLARITY and GENIUS cryptocurrency bills
House Democrats blast GOP crypto push
In response to Republican efforts to advance pro-cryptocurrency legislation, House Democrats are launching “Anti-Crypto Corruption Week” to draw attention to what they describe as a dangerous package of bills aimed at legitimizing President Donald Trump’s crypto ventures. The initiative is led by Representatives Maxine Waters (D-CA) and Stephen Lynch (D-MA) and targets three key bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act.
According to Democrats, these bills not only fail to protect investors but also facilitate large-scale fraud, weaken national security, and strengthen Trump’s financial influence. Waters stated that the measures make Congress complicit in “Trump’s unprecedented crypto scam,” which she claims has already earned him and his associates over $1.2 billion.
Specific threats and democratic position
“In addition to lacking urgently needed consumer protections and national security safeguards, these bills would make Congress complicit in Trump’s unprecedented cryptocurrency fraud,” said Waters. “We will not allow the financial system to become a vehicle for self-dealing, lawlessness, and abuse of power.”
Lynch echoed his colleague’s concerns, pointing to billions of dollars allegedly invested by foreign entities in crypto projects linked to Trump’s business and warning of the threat to U.S. financial stability. He noted that the GOP-backed legislation undermines regulatory oversight, restricts federal research on central bank digital currencies (CBDCs), and exposes the economy to new vulnerabilities.
Democratic response and goals
The Democrats’ response includes a series of coordinated actions. They introduced the STOP Trump in Crypto Act, which prohibits federal officials from personally profiting from cryptocurrency investments. They also walked out of GOP-led hearings, held several Democratic-only sessions to investigate Trump’s ties to the crypto industry, and proposed over 30 amendments to the CLARITY Act — all of which were rejected by Republicans.
Democrats emphasize that their goal is to protect consumers, investors, and democratic institutions. “The volatility and riskiness of crypto products, combined with the lack of investor protections, are likely to have devastating consequences for Americans’ financial lives,” said Lynch, “and Congress cannot allow that to undermine our traditional financial markets — the envy of the world.”
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