As the Crypto Week event, aimed at speedrunning three crypto bills, kicked off in DC, Democrats started their own event called Crypto Corruption Awareness Week. Rep. Maxine Waters, Rep. Stephen Lynch, and their comrades are pushing for clauses that will block sitting presidents from participating in the crypto business. Experts doubt that fighting corruption is their true motive.
Table of Contents
Crypto Corruption Awareness Week
Trump’s involvement in the crypto business is problematic
Is the motive of Democrats righteous?
Crypto Corruption Awareness Week
House Republicans declared a Crypto Week. This week, they are going to advance three crucial crypto bills. These bills are the CBDC Anti-Surveillance State Act, which bans the Federal Reserve from launching cryptocurrency directly to people, the GENIUS Act, aimed at stablecoin regulation, and the CLARITY Act, which will determine the legal status of digital assets. Two of these acts were created with contributions from both parties, but later Democrats became antagonistic towards the adoption of this legislation, demanding to add clauses that limit possible involvement of top officials and their families in the crypto business.
In the Anti-Crypto Corruption press release published on the DC Office website on July 13, Democrats reminded that Trump himself was speaking out against Bitcoin in 2021. They explain Trump’s heart by greed, stating “What “hanged? He realized just how much money he could make from it.”
The press release names $350 million as the fortune made by Donald Trump in a few weeks following a memecoin launched three days before the inauguration. According to the estimation provided in the press release, the Official Trump token is to blame for the over $2 billion loss of the investors. The authors of the document believe the Official Trump token launch fits in a pump and dump scheme.
