Democrats led by Rep Maxine Waters and Rep Stephen Lynch are set to start “Anti-Crypto Corruption Week” to block the GENIUS Act, CLARITY Act, and Anti-CBDC bill. Their concern is that the bills will pave the way for what they call Trump’s crypto corruption.
Maxine Waters, the top Democrat on the House Financial Services Committee and ranking member of the subcommittee on digital assets, and Stephen Lynch have announced that the rally will begin next week.
🚨NEW: To counter the GOP’s “Crypto Week,” Reps. @RepMaxineWaters & @RepStephenLynch are launching “Anti-Crypto Corruption Week,” rallying Dems to block the GENIUS Act, CLARITY Act & Anti-CBDC bill — warning they pave the way for what they call Trump’s crypto corruption. pic.twitter.com/kpT6JpTEKx
— Eleanor Terrett (@EleanorTerrett) July 11, 2025
This comes after Republicans announced a crypto week starting on July 14th. The two lawmakers will lead Democrats in opposition to Republicans’ efforts to jam through what they call “the House three dangerous pieces” of crypto legislation. According to Maxine, the bills lack the urgently needed consumer protections and national security guardrails.
According to them, “the Republican-led ‘CLARITY Act and the Senate’s ‘GENIUS Act will expose our financial stability, national security, and consumer protections to greater risk.”
Democrats call Republicans cowards
Since the year began, Trump has pushed initiatives that support the crypto industry. From the leaders he has chosen to the support shown by publicly rooting for the assets. He has also been involved in the industry by launching companies and crypto coins.
Maxine Waters says that the bills would make Congress complicit in Trump’s unprecedented crypto scam. She continued that Trump’s goal is to personally enrich himself, his entire family, and the billionaire insiders in his cabinet at the cost of investors. In addition, these bills serve as a brazen stamp of approval for the blatant abuse of power. According to reports, Trump has amassed $1.2 billion from the industry.
Maxine Waters said, “Just days after passing one of the most egregious billionaire giveaways in American history and ripping basic needs away from American families. Republicans are at it again. They are doubling down by fast-tracking a dangerous package of crypto legislation through Congress.”
Dems also accused Republicans of being too cowardly to stand up to the President. Congressman Lynch said, “My Republican colleagues are eager to continue doing the bidding for the crypto industry while conveniently ignoring the vulnerabilities and opportunities for abuse that exist in crypto.”
To that end, Democrats affirmed that they are not afraid and will spend this week reminding the public of the true cost of this corruption. “Our message is clear: we will not allow the financial system to become a vehicle for self-dealing, lawlessness, and abuse of power. The stakes for consumers, investors, and our democracy could not be higher.”
Dems say China is ahead because of CBDCs
Stephen Lynch says the ‘Anti-CBDC Surveillance State Act’ will shackle US Government research while giving China another opportunity to capitalize on a new technology. This is because of crypto products’ volatile and risky nature and the lack of investor protections.
Meanwhile, China is creating an international operations center in Shanghai for the digital yuan, e-CNY. China envisions a “multipolar” currency system where multiple currencies support the global economy, China’s central bank chief Pan Gongsheng said.
Waters pointed at Republicans, saying, “The same Republicans who rail against a government-backed digital dollar in the name of ‘freedom’ are now rushing to hand over the keys to Americans’ financial future to Trump’s illegal and corrupt crypto empire.”
On March 6, Republican Representative Tom Emmer proposed the Anti-CBDC Surveillance State Act. This bill aims to stop the Federal Reserve, the US’s central bank, from issuing a CBDC.
The House Committee on Financial Services said that the Blockchain Association, the Digital Chamber of Commerce, and a number of banking lobbies are among the groups that back the bill.
