Democrats in the U.S. House of Representatives have declared a week-long initiative they’re calling “Anti-Crypto Corruption Week,” aimed at blocking a set of proposed crypto bills supported by Republicans.
The campaign is said to be led by House Financial Services Committee ranking member Maxine Waters and digital assets subcommittee ranking member Stephen Lynch.
Stephen Lynch’s plan comes in direct response to Republican efforts to advance three major pieces of crypto-related legislation.
The move follows a July 4th announcement by House Republicans to fast-track what they describe as key regulatory bills.
A bill related to stablecoins, digital asset market structure, and central bank digital currencies (CBDCs), beginning mid-July.
Republican Crypto Bills Face Fierce Democratic Pushback
At the heart of this legislative battle are three Republican-backed bills: the CLARITY Act, which aims to establish clear oversight for digital assets.
The Anti-CBDC Act, which seeks to restrict the Federal Reserve from issuing its own digital currency.
Also there is the bipartisan GENIUS Act, which promotes responsible blockchain development and crypto innovation.
While Republicans argue these bills will create much-needed regulatory clarity and foster innovation, Democrats contend they are reckless and lack critical consumer protections.
Waters labeled the effort a “dangerous package of crypto legislation,” asserting that the bills ignore national security concerns and could enable large-scale abuse within the crypto sector.
Also Read: US Senate Moves Toward First Major Crypto Law With Stablecoin Bill Vote
Maxine Waters Ties Crypto Legislation to Broader Political Allegations
In a scathing statement, Maxine Waters accused Republicans of enabling what she described as “Trump’s unprecedented crypto scam.”
She argued that the crypto bills serve not only to benefit wealthy insiders but also to shield former President Donald Trump’s personal and political interests within the crypto space.
“These bills would make Congress complicit in Trump’s crypto empire,” said Waters, further alleging that Trump and his associates have used the digital asset industry to enrich themselves while defrauding American investors.
Waters also criticized what she sees as hypocrisy from Republicans, who oppose a government-backed CBDC while simultaneously advancing legislation that allegedly benefits centralized private crypto interests.
Democratic Concerns Highlight Regulatory Gaps and Security Risks
Congressman Stephen Lynch echoed Waters’ sentiments, criticizing Republicans for “doing the bidding of the crypto industry” while ignoring its vulnerabilities.
Democrats argue that the proposed bills do not do enough to safeguard consumers or to protect against national security threats posed by unregulated digital asset activity.
They warn that without stronger regulatory frameworks, the crypto industry remains susceptible to market manipulation, fraud, and misuse by bad actors.
Lynch stressed that meaningful oversight is necessary not only to protect investors but also to ensure the long-term credibility and stability of the financial system as blockchain technologies evolve.
Also Read: Senate Democrats Move to Block Presidential Profits from Stablecoins in GENIUS Act Amendment
Future of Crypto Legislation in Limbo Amid Divided Congress
While Republicans hold a slim majority in the House, it remains uncertain whether they have enough votes to push the three bills through floor debate and into law.
The GENIUS Act has already cleared the Senate after overcoming initial Democratic resistance, but broader Democratic opposition remains strong, particularly regarding the CLARITY and Anti-CBDC Acts.
The intense partisan divide underscores the broader national debate over how to regulate the fast-evolving crypto industry.
Notably, with one side prioritizing innovation and market freedom, and the other focused on regulatory safeguards, ethical concerns, and political accountability.
The outcome of this legislative battle may well shape the future of digital finance policy in the United States.
Also Read: US Senate Repeals Crypto Tax Rule For DeFi Transaction Reporting Requirements, Bill Moves to Trump