Maxine Waters Warns Crypto Bills May Trigger First US Crypto-Financial Crisis

Representative Maxine Waters (D-CA) has issued a stark warning that the United States is on the brink of its first crypto-financial crisis due to the advancement of certain crypto bills through Congress. In an op-ed published on July 14, Waters criticized the GENIUS Act and the CLARITY Act, labeling them as particularly hazardous. She argued that these bills, which claim to promote innovation, actually replicate the conditions that led to past financial crises by advocating for minimal regulations, weak consumer protections, and increased industry consolidation.

Waters also expressed concern that these bills could legalize the unprecedented crypto corruption by U.S. President Donald Trump, who launched his own $TRUMP memecoin in January 2025. She described this situation as the largest fraud and abuse of power in modern history. Waters warned that if these bills become law, America will eventually face its first crypto-financial crisis, and her Republican colleagues will likely avoid responsibility by blaming others.

This warning comes as Republicans on Capitol Hill acknowledge the first-ever “Crypto Week” while digital asset legislation moves through Congress. In response, Waters and Congressman Stephen Lynch (D-MA) declared the week of July 14 as “Anti-Crypto Corruption Week” to oppose their political opponents’ efforts to pass crypto legislation. Waters stated that these bills would make Congress complicit in Trump’s crypto scam, which has personally enriched him, his family, and billionaire insiders in his cabinet, all while defrauding investors.

However, it remains unclear which pieces of crypto legislation will ultimately be ratified by the Oval Office. The political polarization over crypto continues to intensify, with both sides advocating for their respective agendas. Waters’ warning underscores the potential risks associated with the current crypto bills and the need for stronger regulations and consumer protections to prevent a future financial crisis.