‘I Told You So’: Maxine Waters Predicts Massive Fraud If Crypto Bills Pass
Representative Maxine Waters (D-CA) has issued a forceful rebuke of two proposed cryptocurrency bills, known as the CLARITY Act and the GENIUS Act: she warned their passage would “open the floodgates to massive fraud” and repeat the deregulatory mistakes that led to past financial crises.
What Happened: In an opinion piece published on Monday, Waters, who represents California’s 43rd congressional district, argued that the crypto bills represent a direct threat to consumer safety, financial stability, and national security.
“What we’re witnessing isn’t just unethical,” she wrote. “It’s the largest fraud and abuse of power in modern history.”
The House is expected to vote on the bills this week. Proponents argue the legislation will create a pro-innovation regulatory framework for digital assets.
But Waters dismissed those claims, contending the bills were “written by …
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