As the CLARITY and GENIUS Acts are being considered in the U.S. Congress, Rep. Maxine Waters has intensified her criticism, warning of potential risks to the financial system.
Concerns Over the Bills
Maxine Waters flagged the CLARITY and GENIUS Acts as dangerous initiatives that could undermine the enforcement powers of the Securities and Exchange Commission (SEC). She asserts that the new legislation could weaken investor protections and allow for fraud to thrive without proper oversight. Waters compared the bills to the repeal of Glass-Steagall, suggesting they might create conditions for financial crime.
> "If they pass, we’ll face the first crypto financial crisis in U.S. history," Waters warned.
Criticism of Trump's Ties
Furthermore, Waters expressed concern about Donald Trump's connections to the crypto industry. She suspects that his personal interests might influence legislative decisions. Trump has been promoting various cryptocurrencies and NFTs, raising questions about potential conflicts of interest. House Democrats even staged a walkout, accusing Trump of "crypto corruption."
Impact on Global Crypto Regulation Standards
The debate surrounding the CLARITY and GENIUS Acts is not just of national interest. Experts believe that Congress's decisions on these issues could set a precedent for other countries. Analysts caution that passing these bills may weaken international confidence and lead to lower overall regulatory standards in the digital asset market.
Maxine Waters' criticism of the CLARITY and GENIUS Acts highlights the need for serious discussion and careful consideration of the potential impacts of these initiatives on the U.S. financial system and the global cryptocurrency market.
