Maxine Waters Objects Crypto Market Structure Bill

Tensions flared during a joint House hearing as Representative Maxine Waters expressed strong objections to a new crypto market structure bill. The legislation, aiming to define oversight responsibilities in the digital asset sector, has seen bipartisan support. However, Waters described the bill as part of what she called US President Donald Trump’s “crypto corruption.”

Maxine Waters Objects To Crypto Market Structure Bill

A heated debate arose during the joint session of the House Financial Services Committee and the House Agriculture Committee. As both parties continue to work on legislation intended to bring clarity to digital asset regulations, the meeting saw open disagreement among Democrats.

Pointing out what she saw as the timing and intent of the bill, Representative Maxine Waters urged fellow Democrats to walk out of the session in protest. She voiced strong disapproval of the new crypto market structure bill, arguing it could enable unethical financial schemes linked to Donald Trump.

“This bill paves the way for what I call Trump’s crypto corruption,” said Representative Maxine Waters during the hearing.

Her comments come amid growing unrest among Democrats over the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins). Nine Democratic senators have now withdrawn their support for the bill in its current form.

Democrat Senators Withdraw Support For GENIUS Act

The group of senators that withdrew support includes Ruben Gallego, Andy Kim, Lisa Blunt Rochester, and Mark Warner. These lawmakers, who previously backed the bill during its advancement in the Senate Banking Committee, said in a joint statement that the legislation needs more protections.

Their statement read, “We’re working to ensure that new technologies serve the American people and don’t threaten our national interest—and we can’t support this bill in its current form.”

Senator Elizabeth Warren also withdrew her support, raising concerns over a potential financial benefit to Donald Trump through a linked stablecoin.

Senator Elizabeth Warren stated, “This legislation risks giving Trump an illegal windfall from his USD1 coin, and we can’t support it in its current form. We need to pass legislation that serves the public interest, not private interests.” She urged others in Congress to reject it.

Democratic co-sponsors Kirsten Gillibrand and Angela Alsobrooks have not signed onto the new statement. However, the act’s future remains uncertain, with increasing concern over the involvement of private business interests.

Donald TRUMP Meme Coin Contest Raises Ethics Questions

Despite the growing objections to the GENIUS Act and the crypto market structure bill, Donald Trump continues to promote a cryptocurrency-linked event. A dinner at Trump National in Washington, D.C., will take place later this month. Entry to the event is based on holdings of the $TRUMP meme token, and the top 220 token holders will be invited.

The event has drawn criticism and raised ethical concerns from watchdog groups.

Accountable.US described the contest as a “corrupt self-enrichment scheme,” adding that it allows wealthy or foreign actors to buy access to the US president. The website hosting the contest also features a live leaderboard, showing top participants by $TRUMP token holdings.

The $TRUMP token’s developers are reportedly connected to World Liberty Financial, a crypto firm that has ties to the Trump family. In addition, Zach Witkoff, son of Trump’s envoy Steve Witkoff, announced at a Dubai crypto event that a UAE-backed fund will invest $2 billion in the USD1 stablecoin, which is competing with Tether. USD1 is issued by World Liberty Financial, which is 60% owned by a Trump business entity.

In the joint meeting, critics including Stephen F. Lynch, the Representative from Massachusetts highlight the deal, arguing it opens the door for foreign financial influence in a manner that is "Shady". The Trump family is entitled to 75% of revenue from USD1 token sales which has led to questions about how the crypto market structure bill and the GENIUS Act may benefit private entities over public interest.