US Democratic lawmakers, led by House members Maxine Waters and Stephen Lynch, announced on July 11 that next week will be designated “Anti-Crypto Corruption Week.”
The initiative aims to unite Democrats in opposing several pro-crypto bills that are currently under consideration in Congress, including the GENIUS Act, the CLARITY Act, and a proposed law aimed at preventing the creation of a central bank digital currency (CBDC).
The push against these crypto legislations comes as Washington prepares for the “Crypto Week,” during which lawmakers hope to finalize these bills. Proponents of the proposals argue that they could reshape the crypto landscape and further cement the US’s status as a leader in the sector.
Anti-crypto corruption week
In their joint statement, Waters and Lynch argued that it may lead to fraud and entrench controversial crypto ventures linked to President Donald Trump.
According to Waters, these bills could allow bad actors to exploit the system, furthering Trump’s alleged corrupt activities that have benefited him and his allies financially.
She also criticized the legislation for lacking consumer protections and national security safeguards.
According to her:
“The irony couldn’t be more glaring: 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.”
Waters concluded that the bills would approve activities undermining trust in the US financial system.
She added:
“Republicans are sending a clear message to the American people that they are unwilling to stand up to the crypto lobby, and even more disturbingly, that they are too cowardly to stand up to the President. Well, Democrats are not afraid, and will spend this week reminding the public of the true cost of this corruption.”
Lynch also echoed similar views in his statement, warning that the Anti-CBDC bill could slow US research into digital currencies, giving countries like China an upper hand in the emerging technology.
He said:
“The volatile and risky nature of crypto products and the lack of investor protections will likely have devastating consequences on Americans’ financial lives, and Congress cannot allow it to undermine our traditional financial markets which are the envy of the world.”
Notably, the Democratic lawmakers’ position is consistent with their broader skepticism toward the crypto industry.
For context, Connecticut’s Democratic-majority legislature recently passed a law banning state agencies from investing in digital assets, which Governor Ned Lamont signed into law.
Nationally, prominent Democrats such as Senator Elizabeth Warren continue to voice concerns about the risks associated with cryptocurrencies, reinforcing the party’s caution towards the emerging sector
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