based on materials from the site - By 36crypto
"Anti-Corruption Week in Cryptocurrency" is aimed against the Republican Party's bills linked to Trump's millions
House Democrats launched a coordinated campaign called "Anti-Corruption Week in Cryptocurrency" to block cryptocurrency bills proposed by Republicans, which they claim are tied to millions linked to President Donald Trump.
The campaign, led by Congress members Maxine Waters and Stephen Lynch, aims to prevent three key bills that Democrats assert will weaken oversight and benefit Trump's financial interests.
Democratic leaders sharply criticized the bills aimed against them: the CLARITY Act, the GENIUS Act, and the CBDC Oversight Act. Waters asserts that the bill will eliminate vital consumer protections and leave the digital asset sector open to unregulated fraud.
Waters, a senior member of the House Committee on Financial Services, stated that these bills align with what she called Trump's crypto fraud. Trump allegedly raised more than $1.2 billion in investments for his ventures.
She warned that the precedent of expedited passage of such measures sends a troubling signal, accusing Congress of protecting the financial system.
She stated that the proposals do not provide for strict regulatory regimes and are aimed at protecting political interests rather than the common good.
Waters emphasized that stability and transparency are necessary for the development of digital financial systems.
Lawmakers warn of foreign influence and risks to national security
Subcommittee member on digital assets Stephen Lynch, a House representative, expressed additional concern about the origins of Trump's cryptocurrency funds. He mentioned significant foreign involvement in Trump's operations, warning that these connections could jeopardize the country and individuals could influence policy.
Lynch also criticized the CBDC Oversight Act, which prohibits the federal government from studying central bank digital currencies. He stated that this would kill innovation and push unregulated players to exploit technological loopholes without any regulation.
Both lawmakers presenting the bills supported by Republicans argue that they undermine the much-needed protections and risk leaving the growing financial system unaccountable. They also urged Congress to vote against the bill and focus on frameworks that strengthen security, trust, and transparency.
"Anti-Corruption Week in Cryptocurrency" reflects the Democrats' resolute determination to uncover financial ties that they believe link Republican-backed cryptocurrency bills to Trump's success. Lawmakers plan to use this campaign to mobilize opposition and prevent the bill's advancement.
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