They warn that republican proposals weaken consumer protection.
Meanwhile, the White House confirms another favorable regulator to cryptocurrencies.
Congressmen Maxine Waters and Stephen Lynch designated the period from July 14 to 18 as the “Crypto Anti-Corruption Week.” With this initiative, they seek to mobilize their party to oppose three bills that, they claim, legitimize the “corruption” associated with President Donald Trump and expose Americans to mass fraud risks.
These Waters and Lynch actions are unleashed as a counteroffensive to derail the so -called “cryptocurrency week” launched by the legislators of the Republican party. To achieve this, the Democrats armed themselves with a high profile campaign that accuses the three bills facilitating corruption, unprotected citizens and serve the interests of the Trump family and its billionaire partners.
The battle is concentrated in block The three legislative initiatives that Republicans seek to approve at full speed: Clarity projects, which proposes to divide digital assets into Securities and CommoditiesGenius, which offers a regulatory framework for Stablecoins, and Anti CBDC, which aims to prohibit the issuance of a central bank digital currency.
Although the anti CBDC project hopes to prevent the supervision and financial control of citizens protecting their privacy, democrats frame it as part of a legislative package that, According to them, it promotes a deregulated and dangerous “crypt” ecosystem.
Congresswoman Waters, previously criticized For praising Sam Bankman-Fried, convicted of the collapse of Exchange FTX, he said that “Republicans are intensifying their efforts to approve a dangerous legislative package.” He also accused his colleagues of being “accomplices of an unprecedented crypto scam promoted by Trump.”
Although the approval of these laws requires bipartisan consensus, reluctance persists to support cryptocurrencies. Some Democrats, like Waters and Lynch argue that the president Trump received billions of dollars of foreign governments through his family business asset businessgenerating obvious conflicts of interest that, according to them, these laws only seek to legitimize.
Previously, the party tried to stop the tide with almost 30 amendments, all rejected by the Republican majority. They even requested an investigation and presented the “Law to stop Trump in cryptocurrencies.” This with the idea of prohibiting senior officials and their families participating in the digital asset market.
In any case, not all Democrats are against the bills indicated, since they have obtained bipartisan approval of the previous steps that have allowed them to reach their debate this week.
Thus, the Capitol is prepared as a stage for the usual battle. This, on the one hand with the Trump administration accelerating the regulation of Bitcoin and cryptocurrencies, including Stablecoins. On the other hand, there are Republicans creating law proposals to stop it.
In addition, the Senate has just confirmed to Jonathan Gould, a pro cryptocurrency figure, as director of the Office of the Comptroller of La Moneda (OCC), a movement that guarantees a regulatory impulse favorable to the industry and a more lax supervision than in the times in which the Republicans were in power. All this further exacerbates the clash with the Democratic opposition in Congress.
