In a heated House hearing, Representative Maxine Waters criticized Trump’s various cryptocurrency endeavors, alleging that he has increased his fortune at the expense of investors.
During a recent House hearing, Waters voiced serious concerns regarding Trump’s cryptocurrency activities, stating that they suggest corruption. On April 9, the Democratic representative, who serves on the House Financial Services Committee, accused Donald Trump of leveraging cryptocurrency to augment his wealth, ultimately harming investors and the public.
Waters pointed to Trump’s memecoin, the Official Trump token (TRUMP), which has decreased by 89.93% from its peak of $75.35 in January. She described this “deceptive memecoin” as one of several initiatives that contributed to Trump doubling his wealth through the realm of cryptocurrency.
“President Trump has doubled his wealth, from $2.3 billion to $5.6 billion. His deceptive memecoin has cost investors $2 billion, while he and his family have pocketed at least $350 million,” Waters declared.
In the same hearing, Waters brought attention to other cryptocurrency projects associated with Trump, like World Liberty Financial. She expressed concerns that these ventures could be exploited by both foreign and domestic actors to impact U.S. policy. She remarked:
“I am profoundly worried that these initiatives have created a way for interested parties, whether allies or enemies, to secretly channel money to him and his close associates.”
Waters Conveys Concerns Over Corruption Linked to WLFI
Waters also took aim at the subcommittee on digital assets, financial technology, and artificial intelligence that conducted the hearing. She argued that this committee is facilitating Trump’s cryptocurrency ambitions, saying:
“This committee is aiding Trump. Just last week, they voted to crown Trump as the ‘king of crypto’ by passing legislation that would allow him to monopolize the stablecoin market, replace George Washington on the dollar, and establish his own stablecoin as legal tender.”
Waters highlighted the recently announced WLFI stablecoin, USD1, which would be redeemable for U.S. dollars and supported by short-term U.S. Treasuries. She cautioned that this stablecoin could receive regulatory favoritism.
Representative Maxine Waters, along with Senator Elizabeth Warren, has consistently criticized both Donald Trump and the deregulation of cryptocurrency assets. Both have urged that any crypto legislation must undergo scrutiny concerning Trump’s potential conflicts of interest.