Democrats Launch Anti-Crypto Corruption Week to Counter Republican Bills

Democrats, led by Rep Maxine Waters and Rep Stephen Lynch, have announced the launch of “Anti-Crypto Corruption Week” to counter the Republican-led “Crypto Week” starting on July 14th. The Democrats aim to block the GENIUS Act, CLARITY Act, and Anti-CBDC bill, which they believe will facilitate what they term as 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 will lead the opposition to the Republican efforts. They argue that the bills lack the necessary consumer protections and national security safeguards. According to Waters, the Republican-led CLARITY Act and the Senate’s GENIUS Act will expose financial stability, national security, and consumer protections to greater risk.

Democrats have accused Republicans of being too cowardly to stand up to the President. Congressman Lynch stated, “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.” Democrats have 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.”

Democrats have also expressed concerns about China’s advancements in Central Bank Digital Currencies (CBDCs). Stephen Lynch stated that the ‘Anti-CBDC Surveillance State Act’ will hinder US Government research while giving China another opportunity to capitalize on new technology. China is creating an international operations center in Shanghai for the digital yuan, e-CNY, envisioning a “multipolar” currency system where multiple currencies support the global economy.

Waters criticized 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, which aims to stop the Federal Reserve from issuing a CBDC. The House Committee on Financial Services stated that the Blockchain Association, the Digital Chamber of Commerce, and a number of banking lobbies are among the groups that back the bill.