Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee hearing entitled, “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.”
“Thank you very much, Mr. Chairman. I too would like to have productive dialogue. But it’s very difficult to do based on what the President of the United States is doing.
As Americans grow poorer under Donald Trump’s failed policies, Trump and his family grow ever richer. 2.9 billion dollars richer. That’s how much his net worth has jumped as a result of his crypto schemes. And that’s only a conservative estimate. And now, Trump doesn’t just want Americans to use his crypto, he wants to put our money in his digital wallet, while he guts our financial regulators, the watchdogs that protect families from financial fraud. To borrow words from Elon Musk, Trump’s crypto con is ‘a disgusting abomination.’
So, as Trump cashes in, America’s families are bearing the cost. They’re cutting back on groceries, putting off starting a family, and abandoning the dream of homeownership. As if his reckless tariffs and efforts to gut the federal government weren’t enough, just two weeks ago Republicans passed a massive tax cut for billionaires while slashing Medicaid, Medicare, food stamps, and student loan assistance.
Trump is not just scamming everyday Americans with his crypto con. He’s even grifting his own supporters. 200 people collectively spent $148 million dollars to attend his shady memecoin dinner with the promise of an exclusive experience. What did they get? Walmart steak, Costco freezer aisle halibut, recycled talking points, and just 20 minutes of Trump time. I guess you get what you pay for.
Congress can’t normalize this scam any longer. From his fraudulent memecoin to his deals in Abu Dhabi, Donald Trump is using the White House for personal profit by selling influence to the highest bidder. And, Republicans are ignoring these dangers, even as the crypto industry raises concerns. That’s why I had to introduce the ‘Stop TRUMP in Crypto Act of 2025,’ to prevent the President, Vice President, Members of Congress, and their immediate families from engaging in crypto corruption and blatant conflicts of interest.
Sadly, legitimizing Trump’s crypto con is far from the only terrible thing about this confusing and reckless legislation. In fact, this bill should actually be called the COMPLEXITY Act. This rushed, overly complicated bill will increase investor harm, which already runs rampant in today’s crypto market. Some of the riskiest activities are broadly exempted from the bill, leaving our constituents with no one to turn to when their money vanishes. The bill puts our national security at risk and contains no penalties for crypto criminals. Unsurprisingly, the bill doesn’t even deliver the clarity the industry has long sought. Instead, the bill creates vague new definitions that will result in continued litigation, and which the largest players, including big banks, will game at the expense of crypto startups. The only thing clear about this bill is we need to start over.
It’s also troubling that the Securities and Exchange Commission has ignored precedent and refused to share their full technical analysis of the bill with Democrats, even as Republicans rush to pass this bill before the SEC Chair is even invited to testify.
We’ll hear a lot of spin from my Republican colleagues today. But make no mistake, this bill will take us backward.
I yield back.”
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