Rep. Maxine Waters Opposes Crypto Week, Calls it a Casino for Crypto Billionaires to Make More Profits

Representative Maxine Waters is against the GENIUS and CLARITY Acts, which she believes will benefit crypto billionaires at the expense of consumers. These acts aim to regulate stablecoins (GENIUS Act) and classify most crypto tokens as commodities under the CFTC, potentially limiting SEC oversight (CLARITY Act). Bitcoin's price reached above $119,000, peaking at $123,000. Spot Bitcoin ETFs are seeing large inflows, with BlackRock's iShares Bitcoin Trust (IBIT) managing over $86 billion. Waters' opposition is fueled by concerns about consumer protection, financial stability, and potential conflicts of interest related to Donald Trump's involvement in the crypto industry.