Rep. Maxine Waters Opposes Crypto Week, Calls it “a Casino for Crypto Billionaires to Make More Profits”

Rep. Maxine Waters opposes the GENIUS and CLARITY Acts, labeling them a “casino for crypto billionaires.” Bitcoin and Ethereum are gaining traction due to Trump’s pro-crypto policies.

Democrats have never fully embraced cryptocurrency; their policies were effected through Gary Gensler and the SEC. The regulator adopted an enforcement-heavy approach, targeting crypto firms through initiatives like Chokepoint 2.0, which directed banks to limit services to crypto businesses.

That era ended when Donald Trump won the presidency, promising to make America a crypto hub.

Since taking office, Trump has implemented changes to create a supportive environment for crypto, appointed a pro-crypto SEC chair, and opened new avenues for the industry to thrive.

Bitcoin, the world’s most valuable crypto, is now trading above $119,000, peaking at $123,000 this week, as institutions rushed to buy.

Reflecting on this shift, Spot Bitcoin ETFs have seen massive inflows. BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF, now manages over $86 billion, up 2% in 24 hours.

Bitcoin

Price

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$2.40T

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Capital is also flowing into Ethereum, making ETH ▲2.76% one of the best cryptos to buy.

Rep. Maxine Waters opposes the pro-crypto GENIUS and CLARITY Acts, labeling them a "casino for crypto billionaires"

(Source: SosoValue)

Maxine Waters Attacks Crypto Bills

However, not everyone supports Donald Trump’s administration and its actions on crypto regulation and creating a clear regulatory framework.

Representative Maxine Waters, a ranking House Financial Services Committee member, criticized the Republican-led “Crypto Week.”

In a press release yesterday, Waters lambasted the proposed GENIUS and CLARITY Acts, stating they create a “casino for crypto billionaires to make more profits.”

Her position aligns with other Democrats who raise concerns about consumer protections, financial stability, and potential conflicts of interest, given the president’s meme coin and his family’s crypto-related businesses. TRUMP is one of the top Solana meme coins, commanding a market cap of nearly $2 billion.

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The GENIUS and CLARITY Acts

Waters’ comments follow discussions around the GENIUS and CLARITY Acts this week.

The GENIUS Act aims to establish a regulatory framework for stablecoins. Tokens minted under this act must hold treasuries, track the USD, disclose monthly reserves, and comply with AML regulations.

The CLARITY Act seeks to classify most crypto tokens as commodities under the CFTC, exempting them from SEC oversight. If passed, the CLARITY Act will exempt DeFi tokens from strict SEC banking regulations.

Supporters, including Senators Bill Hagerty and Cynthia Lummis, argue these acts provide regulatory clarity and foster innovation, positioning America as the global “crypto capital.”

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Why the Opposition?

Critics, including Waters and Senator Elizabeth Warren, warn that the bills prioritize industry profits over consumer safety, possibly leading to financial crises like the collapse of Silicon Valley Bank and other crypto-supporting banks.

To clarify her stance, Waters declared an “Anti-Crypto Corruption Week” to counter Donald Trump and Republicans.

On Day 3 of Anti-Crypto Corruption Week, I’m sounding the alarm in my @MSNBC op-ed: GOP crypto bills don’t just fail to protect consumers, they greenlight Trump’s billion-dollar crypto grift and invite the next financial crisis.

Read more: https://t.co/TEBKJsQjIy pic.twitter.com/j3qDPP8FeM

— Maxine Waters (@RepMaxineWaters) July 15, 2025

She asserts that the bills enable “Trump’s crypto scams” and favor “Wall Street, Big Tech, and crypto billionaires.”

Specifically, Waters claims the CLARITY Act restricts the SEC, limiting its ability to combat fraud proactively and allowing intervention only after investor losses.

She also argues that the GENIUS Act lacks robust consumer protections and opens the door to foreign-controlled stablecoins, posing national security risks.

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