Rep. Maxine Waters Rejects Crypto Week, Labels it “a Casino for Crypto Billionaires to Gain Even More Wealth”

Rep. Maxine Waters stands against the GENIUS and CLARITY Acts, describing them as a “casino for crypto billionaires.” Bitcoin and ETH are experiencing growth thanks to Trump’s supportive policies towards cryptocurrencies.

Democrats have never fully accepted cryptocurrency; their regulatory measures were implemented through Gary Gensler and the SEC. The regulatory body adopted a strict enforcement strategy, targeting crypto companies through actions like Chokepoint 2.0, which instructed banks to curtail services to crypto enterprises.

This period came to a close with Donald Trump’s presidency, where he pledged to transform America into a hub for cryptocurrencies.

Since assuming office, Trump has enacted alterations to foster a favorable atmosphere for crypto, appointed a pro-crypto SEC chair, and opened fresh pathways for the sector to flourish.

BTC, the leading digital currency globally, is currently trading over $119,000, having reached a high of $123,000 this week, as institutional investors hurried to acquire it.

In light of this transformation, Spot Bitcoin ETFs have attracted significant investments. BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, now oversees assets exceeding $86 billion, marking a 2% increase in just 24 hours.

Investment is also pouring into Ethereum, making Ethereum ▲10.21% categorized as one of the top cryptocurrencies to purchase.

(Source: SosoValue)

Maxine Waters Critiques Crypto Legislation

Nevertheless, not all agree with the Trump administration’s approach to crypto regulations and establishing a transparent regulatory atmosphere.

Representative Maxine Waters, a key member of the House Financial Services Committee, condemned the Republican-led “Crypto Week.”

In a statement released yesterday, Waters criticized the proposed GENIUS and CLARITY Acts, asserting they create a “casino for crypto billionaires to earn more profits.”

Her viewpoint resonates with other Democrats who express concerns about consumer safeguards, economic stability, and potential conflicts of interest, especially in light of the president’s meme crypto token and his family’s crypto ventures. TRUMP ranks among the leading Solana meme coins, with a trading market capitalization nearing $2 billion.

DISCOVER: Premier Solana Meme Coins to Invest in July 2025 

Understanding the GENIUS and CLARITY Acts

Waters’ remarks follow talks regarding the GENIUS and CLARITY Acts this week.

The GENIUS Act aims to create a regulatory structure for stablecoins. Tokens developed under this act must back their value with treasuries, align with the USD, publicly disclose monthly reserves, and adhere to AML regulations.

The CLARITY Act intends to categorize most crypto tokens as commodities under the CFTC, thereby exempting them from SEC regulation. If approved, the CLARITY Act will free DeFi tokens from stringent SEC banking regulations.

Proponents, including Senators Bill Hagerty and Cynthia Lummis, contend that these acts offer regulatory certainty and stimulate innovation, aiming to position America as the world’s “crypto capital.”

EXPLORE: 20+ Cryptos Poised for Growth in 2025

What Drives the Opposition?

Opponents, including Waters and Senator Elizabeth Warren, caution that the legislation favors industry profits over consumer protection, which could lead to financial disasters reminiscent of the Silicon Valley Bank collapse and other crypto-aligned banks.

To emphasize her perspective, Waters announced an “Anti-Crypto Corruption Week” in response to Donald Trump and the Republicans.

On Day 3 of Anti-Crypto Corruption Week, I’m raising awareness in my @MSNBC op-ed: GOP crypto legislation fails to protect consumers and facilitates Trump’s billion-dollar crypto operations, increasing the risk of the next financial crisis.

Read more: https://t.co/TEBKJsQjIy pic.twitter.com/j3qDPP8FeM

— Maxine Waters (@RepMaxineWaters) July 15, 2025

She claims that the bills enable “Trump’s crypto schemes” and prioritize “Wall Street, Big Tech, and crypto tycoons.”

Specifically, Waters alleges that the CLARITY Act limits the SEC’s authority, constraining its ability to proactively combat fraud and permitting interventions only after losses are incurred by investors.

Moreover, she contends that the GENIUS Act is deficient in consumer safeguards and permits foreign-controlled stablecoins, presenting national safety threats.

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The post Rep. Maxine Waters Opposes Crypto Week, Calls it “a Casino for Crypto Billionaires to Make More Profits” appeared first on 99Bitcoins.