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Waters Alleges Conflict of Interest in Trump's Crypto Ventures
U.S. Representative Maxine Waters (D-CA), a ranking member of the House Financial Services Committee, has launched a scathing critique of Donald Trump's involvement in cryptocurrency ventures during a recent congressional hearing. Waters alleges that Trump is leveraging his presidential influence to profit from various crypto initiatives, including a dollar-pegged stablecoin issued by World Liberty Financial (WLFI), a company backed by his family.
Waters specifically highlighted the Trump-branded meme coin launched in January, plans for a national cryptocurrency reserve, and WLFI's USD1 token, which debuted in March. She accused Trump of attempting to "create a set of road rules" that would enrich himself and his inner circle at the expense of others.
"Through this stablecoin bill, this committee is setting an unacceptable and dangerous precedent, validating the efforts of a president and his cronies to create a set of road rules that will only make them wealthy, at the expense of everyone else," Waters stated.
Waters further speculated that Trump intends to push for the widespread adoption of his stablecoin across government operations, from housing and urban development payments to Social Security benefits and tax payments, effectively seeking to replace the U.S. dollar with his own digital currency.
Waters' concerns echo those of other lawmakers and experts across the political spectrum, who have also raised alarms about potential conflicts of interest stemming from Trump's involvement in the cryptocurrency sector.