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Highlights
- The House Rules Committee approved 4 crypto bills, including the GENIUS and CLARITY Acts.
- Democrats declared "Anti-Crypto Corruption Week" to counter GOP-backed “Crypto Week."
- Waters accused Trump of profiting $1.2 billion from crypto and using the presidency for personal gains.
A wave of crypto legislation is moving forward in the United States House of Representatives this week, following a vote by the House Rules Committee to advance four major bills to the House floor for debate.
However, leading Democrats, particularly Rep. Maxine Waters, have emerged as fierce critics, warning that the bills could unleash unprecedented financial instability and enable political corruption at the highest levels.
Crypto Bills Voted for Debate and Consideration
On Monday, July 14, the House Rules Committee voted 8–4 to approve a rule for debate on H.R. 4016 (Department of Defense Appropriations Act, 2026), H.R. 3633 (Digital Asset Market Clarity Act of 2025), H.R. 1919 (Anti-CBDC Surveillance State Act), and S. 1582 (GENIUS Act).
These bills are part of what Republicans have dubbed “Crypto Week,” aimed at laying the groundwork for sweeping regulatory clarity and stablecoin legislation in the U.S.
According to the official action notice, committees including Financial Services, Agriculture, and Appropriations provided testimonies on the bills.
Rep. Maxine Waters Drops Criticism
But Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, has sounded the alarm. In an op-ed for MSNBC published Monday, Waters condemned the GENIUS and CLARITY Acts as bills “written by and for the crypto industry,” warning that their passage would “open the floodgates to massive fraud and financial ruin for millions of American families.”
“The CLARITY Act handcuffs the Securities and Exchange Commission,” Waters argued, “preventing it from proactively protecting people against fraud,” and allowing bad actors to exploit regulatory gaps, as seen in the collapse of FTX.
Waters also blasted the GENIUS Act, which passed the Senate and awaits a House vote, as “no better,” citing weak consumer protections, lack of oversight funding, and national security risks due to its permissiveness toward foreign-backed stablecoin issuers.
Crypto Bills and Corruption Go Hand-in-Hand, Says Waters
Both bills, she claimed, are intentionally designed to legalize the unprecedented crypto corruption by the president of the United States. According to Bloomberg estimates, cryptocurrency ventures contribute approximately $620 million to President Donald Trump and his family’s wealth, a figure Waters and other Democrats argue reflects a dangerous conflict of interest.
In response to the GOP’s Crypto Week, Waters and fellow Democrat Rep. Stephen Lynch have launched “Anti-Crypto Corruption Week.” The initiative urges Democrats to oppose what they describe as “three dangerous pieces of crypto legislation,” referring to the GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance State Act.
All these acts are scheduled for floor debate and potential votes between July 15 and July 18.
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