In a fiery House hearing, Rep. Maxine Waters took a shot at Trump’s numerous crypto ventures, accusing him of doubling his wealth at the expense of investors.
Trump’s crypto ventures raise major concerns over corruption, Rep. Maxine Waters stated in a recent House hearing. On April 9, the Democratic congresswoman and House Financial Services Committee member accused Donald Trump of using crypto to enrich himself at the expense of investors and the public.
Waters referenced his memecoin, the Official Trump token (TRUMP), which has plunged 89.93% from its all-time high of $75.35 in January. According to Waters, this “fraudulent memecoin” was one of several ventures that helped Trump double his wealth through crypto.
“President Trump has doubled his wealth, from $2.3 billion to $5.6 billion. His fraudulent memecoin lost investors $2 billion, while he and his family pocketed at least $350 million,” Waters stated.
During the same hearing, Waters highlighted other Trump-affiliated crypto projects, including World Liberty Financial. She raised concerns about these ventures being used by foreign or domestic actors to influence U.S. policy. She said:
“I am deeply concerned that these ventures have created an avenue for interested parties, whether they are allies or adversaries, to anonymously transfer money to him and his inner circle.”
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Trump’s WLFI opens avenues for corruption: Waters
Waters also criticized the subcommittee on digital assets, financial technology, and artificial intelligence, which held the hearing. She argued the committee was helping advance Trump’s crypto ambitions, stating:
“This committee is helping Trump. Last week, this committee voted to make Trump the “king of crypto,” by passing legislation that lets him corner the market on stablecoins, kick George Washington off the dollar, and make his own stablecoin legal tender.”
Waters referenced the recently announced WLFI stablecoin, USD1. The stablecoin would be redeemable for the U.S. dollar, and backed by short-term U.S. Treasuries. Waters warned that the stablecoin could benefit from regulatory favoritism.
Rep. Maxine Waters, together with Senator Elizabeth Warren, has been a longstanding critic of both Donald Trump and the deregulation of crypto assets. Both Waters and Warren demanded that all crypto legislation should pass checks on Trump’s potential conflict of interest.
Read more: SEC says “Covered Stablecoins” not under its jurisdiction
