House Democrats Launch Counter-Initiative Against GOP Crypto Legislation

• House Democrats Waters and Lynch launched “Anti-Crypto Corruption Week” to block three GOP crypto bills next week. 

• They claim the legislation would legitimize Trump’s crypto activities and lack consumer protections. 

• The GENIUS Act has already passed the Senate and needs only House approval to reach the president’s desk.

House Democrats Maxine Waters and Stephen Lynch have announced “Anti-Crypto Corruption Week” to oppose three cryptocurrency bills scheduled for House consideration next week. The initiative directly counters the Republican-led “Crypto Week” planned for July 14-18, which aims to advance the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act.

Waters, the ranking Democrat on the House Financial Services Committee, and Lynch, a Subcommittee on Digital Assets member, released a joint statement outlining their opposition strategy. The representatives plan to mobilize Democratic colleagues against what they describe as “dangerous pieces of crypto legislation.”

Democrats Cite Trump Corruption Concerns

The Democratic opposition centers on allegations that the proposed legislation would facilitate cryptocurrency fraud and legitimize what they term “President Trump’s crypto corruption.” Waters claimed these activities have added $1.2 billion to Trump’s wealth while defrauding investors.

Waters stated the bills lack essential consumer protections and national security safeguards. She argued that the passage would make Congress complicit in what she characterized as an unprecedented crypto scam benefiting Trump, his family, and wealthy cabinet insiders.

The Anti-Crypto Corruption Week represents the latest effort by Waters to challenge Trump’s cryptocurrency activities. She proposed the “Stop Trump In Crypto” Act in May, which would ban the president from engaging in crypto-related business ventures.

Legislative Status and Republican Response

The GENIUS Act has already passed the Senate and requires only House approval before reaching the president’s desk. The CLARITY Act and Anti-CBDC Act still need House floor debate and votes.

Waters and Lynch highlighted their previous efforts to block cryptocurrency legislation, including their successful opposition to a stablecoin bill. Waters also prevented a joint hearing between the Financial Services and Agriculture Committees on crypto market structure legislation.

During the CLARITY Act markup process, House Democrats proposed nearly 30 amendments attempting to modify the bill’s provisions. Despite these efforts, the legislation advanced from committee and is scheduled for House floor consideration.

In a social media post, White House crypto adviser Bo Hines expressed optimism about the upcoming legislative agenda. He predicted the GENIUS Act would reach the president’s desk while the CLARITY Act would advance to the Senate. Hines emphasized the administration’s goal of establishing America as the global cryptocurrency capital.