Maxine Waters Slams CLARITY and GENIUS Acts as "Risky Giveaways"
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Undermining Oversight and Investor Safety
Waters contends that if enacted, these bills could severely weaken the enforcement capabilities of the Securities and Exchange Commission (SEC), jeopardizing investor safety and fostering an environment where "bad actors" might flourish with minimal oversight. She specifically targets the GENIUS Act, designed to create a framework for stablecoins, arguing it could dangerously loosen oversight on these digital assets. Furthermore, she warns that it might enable decentralized finance (DeFi) platforms to operate without adequate financial regulations, posing potential national security risks and facilitating untraceable foreign influence.
The Democratic representative draws a stark historical parallel, comparing the potential consequences of these bills to the 1999 repeal of the Glass-Steagall Act. She suggests that such legislative changes could lead to widespread fraud, financial ruin, and even presidential corruption, especially in light of President Donald Trump's increasing engagement with the cryptocurrency space.
Global Implications of U.S. Regulatory Stance
The fierce debate surrounding the CLARITY and GENIUS Acts is being closely monitored not only within the United States but also across the globe. As a leading financial power, the U.S.'s approach to cryptocurrency regulation is widely anticipated to set a significant precedent for international crypto policies. Waters' strong stance underscores a deep division within political circles regarding the future of digital asset oversight, with one side advocating for innovation-friendly regulation and the other prioritizing strict consumer protection and financial stability. The outcome of this legislative battle will undoubtedly shape the trajectory of crypto markets worldwide.