House Democrats, led by Reps. Maxine Waters and Stephen Lynch are starting “Anti-Crypto Corruption Week” to oppose the GOP’s “Crypto Week.” They aim to halt three Republican-backed bills: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. Democrats believe these bills could lead to financial problems and fraud.
Democrats, Republicans Tussle Over Regulations
Waters and Lynch are working to unite Democrats against the GOP’s crypto bills. They plan to hold public hearings and run media campaigns to voice their concerns. The GENIUS Act, which has passed the Senate, aims to regulate stablecoins, but Democrats worry it does not provide enough oversight.
The CLARITY Act seeks to create rules for the digital asset market, but Democrats argue it reduces protections for consumers. They also say the Anti-CBDC bill restricts U.S. innovation and helps competitors like China. Democrats warn that the GOP’s crypto bills could allow what they call “Trump’s crypto corruption.”
They argue these laws may legitimize fraud related to former President Donald Trump’s crypto businesses. Waters has proposed the “Stop Trump In Crypto” Act to limit his influence in this area. They claim these bills threaten financial stability and national security. This concern adds to a growing distrust of GOP crypto proposals.
Democrats, Republicans Tussle Over Crypto Policy
The fight over crypto rules has heated up, with both parties strongly opposing each other’s actions. While Republicans promote a crypto-friendly environment during “Crypto Week,” Democrats argue it favors businesses over consumers. For example, Waters blocked a joint committee hearing on a crypto market structure bill, leading to criticism from Republicans. In reaction, Republicans, including Senator Tim Scott, are rushing the GENIUS Act through the Senate.
Additionally. U.S Senator Adam Schiff (D-CA), a democrat, introduced the Curbing Officials’ Income and Nondisclosure (COIN) Act to prevent corruption. This bill aims to stop the President, Vice President, and their families from participating in crypto-related businesses while in office.
The debate over digital assets reveals party divisions, with Democrats opposing harmful bills and Republicans supporting them for growth. With a narrow majority in the House, the GOP may struggle to pass these bills. The outcome of this regulatory battle will likely shape the future of U.S. crypto policy.
