Rep. Maxine Waters is on upcoming American crypto accounts: “I told you it”

Rep. Maxine Waters (D-Calif.) Salled the alarm prior to an important week in Washington, warning that a package of crypto-oriented legislation that was set before the house could undermine investors, enforcing the regulatory enforcement and the influence of the industry could weaken.

Write for MSNBC On Monday, the Californian Democrat go At the Clarity Act and Genius Act, with the argument that they prioritize the interests of industry over the safety of consumers.

“I told you,” said Waters. “I sound an alarm about the risks of awaiting crypto legislation, which open the locks for massive fraud and financial fall for millions of American families.”

The debate about the accounts shows that not everyone supports the wider pivot point of the US on Crypto. Under Trump, the country has shifted from the strict attitude of the Biden administration to a much more tolerant approach, creating critics as a free-for-all advantage of politically connected players.

Among those who benefit from a more hospitable approach to crypto are the Trump family itself, who have promoted Various NFT collections and memecoins, heated for the industry and co-founder of companies such as World Liberty Financial and American Bitcoin.

There are also plans for a utility for the social media site of Trump, Truth Social, and a recent request for Crypto ETF entering was made by her parent company.

Legislers, including waters and senator Elizabeth Warren (D-MA)-as well as various Republicans Hebben tried to bring in laws to prevent sitting presidents and their families from benefiting from crypto companies. Nevertheless, the legislative progress has been slow.

How the congress will result this week will not only form the domestic markets, but can also influence global standards, with supervisors worldwide pay attention according to America’s attitude towards digital assets regulation.

In her OP-ED Waters warned that the Clarity Act would limit the assets of the Securities and Exchange Commission to protect investors.

“Regulators should wait until investors have already been damaged to act – possibly after a company has collapsed and the life savings have disappeared,” she wrote.

Wall Street and Big Tech

She also criticized the provisions of the Genius Act on Stablecoins and mentioned the ability to regulate them correctly and under control.

In contrast to traditional banking, the bill is lacking in requirements for reinvestment of the community or supervision of external suppliers, so that users are exposed to fraud and discrimination, she argued.

Waters issued further concern about national security and noted that the exemptions of the legislation for decentralized financing and the failure to guarantee compliance with the Bank Secrecy Act.

“The bill also releases the decentralized financial industry from almost all supervision, a category that claims Trump’s World Liberty Financial in particular,” she wrote.

She warned that the Genius ACT could allow foreign controlled crypto companies to gain access to the American markets, creating extra risks.

Waters also framed the bills as giveaway actions to Wall Street and Big Tech, and claims that crypto democratizes finance. “They give megabanks and big crypto the green light to consolidate control,” she said.

Sean Lee, co-founder of the International Digital Asset Exchange Association, said Decrypt The US decisions about Crypto Regulation bear weight far beyond its limits.

“The US is the largest and the most innovative market in the digital assets space. It is crucial to have a regulatory framework, especially for these two very important asset classes, is crucial for setting an example for the rest of the world,” he said.

“But it is by no means perfect, and there must be an evolution in terms of monitoring how the market behaves and also to ensure that it is not one-size fits.”