Democrats Launch Anti-Crypto Corruption Week to Block Trump-Linked Bills

US Democrats have declared “Anti-Crypto Corruption Week,” a strategic move aimed at preventing what they perceive as corrupt cryptocurrency ventures by US President Donald Trump. This initiative is a direct response to the upcoming “crypto week’s” legislative agenda, which includes the GENIUS Act, the CLARITY Act, and the Anti-CBDC bill.

Congresswoman Maxine Waters, the top Democrat on the House Financial Committee, and Congressman Stephen Lynch introduced the “Anti-Crypto Corruption Week” bill. The bill is designed to unite Democrats in blocking the three crypto regulatory bills set for deliberation during the week of July 14th. Both lawmakers have labeled these bills as “dangerous pieces of crypto legislation,” asserting that they would facilitate President Trump’s alleged corruption in the crypto sphere. Waters emphasized that these bills are crafted to enrich Trump, his family, and his billionaire associates, all at the expense of investor protection.

Waters stated, “These bills would make Congress complicit in Trump’s unprecedented crypto scam – one that has personally enriched himself […] all while defrauding investors.” The Democrats have claimed that crypto ventures linked to Trump’s family are corrupt and have generated significant financial gains for the president, which they aim to halt. To achieve this, they are presenting amendments to block stablecoin bills and the crypto market structure bills. Nearly 30 amendments have been offered to mitigate the harm of the CLARITY Act bill and prevent Trump from profiting from crypto legislation at the cost of consumers’ funds.

The bill also highlights the risks to consumer protection, stating that the Republican-led anti-CBDC bill could have devastating consequences on Americans’ financial lives. Congressman Lynch criticized Republican leaders, calling them cowards for ignoring the vulnerabilities and opportunities for abuse in the crypto industry.

House Democrats are divided on the approach to several upcoming votes on crypto legislation, collectively referred to as "Crypto Week." The House is set to vote on key bills such as the GENIUS Act, which focuses on stablecoins, and the CLARITY Act, which aims to establish a framework for the crypto market structure. Some senior Democrats have urged party leadership to oppose these bills, citing concerns over perceived conflicts of interest involving President Trump's personal crypto ventures. However, these efforts have met with resistance from other factions within the Democratic Party who support the legislation.

The CLARITY Act, in particular, is expected to pass with support from all Republicans and some Democrats, although the margin of support is anticipated to be narrower than in previous years. The primary objection from some Democrats is the absence of provisions in the bills that would prevent President Trump from engaging in lucrative crypto businesses while in office. These Democrats are actively working to link the crypto bills to the president's perceived conflicts of interest, aiming to make this association clear to their colleagues who may vote in favor of the legislation.

Despite these objections, other Democrats, particularly those on the Agriculture Committee, are likely to support the legislation. Representative Angie Craig, the top Democrat on the committee, has been a long-time supporter of the crypto industry and has received significant financial backing from crypto super PACs. Craig's support for the industry is expected to continue, given her plans to run for Minnesota's open Senate seat in the upcoming midterm elections.

House Financial Services Ranking Member Maxine Waters issued a statement comparing the pending crypto legislation to President Trump's "One Big, Beautiful Bill," which Democrats opposed earlier this month. Waters' statement highlighted the potential for the bills to enrich the president and his associates at the expense of investors. Although Waters' rhetoric has not been widely echoed by Democratic leadership, the party has used crypto legislation as a means to criticize the president.

The Democratic National Committee released a memo titled "CORRUPTION WATCH," accusing the president of setting crypto policy based on personal profit. This memo underscores the party's strategy of using crypto legislation as a political tool against the president. The upcoming votes on crypto legislation are expected to be closely watched, as they will provide insight into the evolving political dynamics surrounding the crypto industry.