U.S. Rep. Maxine Waters warns cryptocurrency bill could spark massive fraud

PANews reported on July 15 that according to The Block, U.S. Democratic Congresswoman Maxine Waters once again publicly opposed the GENIUS and Clarity cryptocurrency bills, warning that these bills could "open the door to massive fraud and financial disasters for millions of American families." She said in a column that the relevant bills weakened the U.S. Securities and Exchange Commission's (SEC) regulatory capabilities over the crypto market and had weak consumer protection measures. In addition, Waters also criticized former President Trump for his close relationship with the crypto industry, pointing out that about $620 million of his family's wealth came from crypto assets. The House of Representatives will review these two key bills this week, which may become an important node in U.S. crypto legislation.