In a recent and highly charged session of the House Financial Services Committee, Rep. Maxine Waters vehemently criticized Donald Trump’s involvement in various cryptocurrency ventures, asserting that his actions have led to massive financial losses for investors while he allegedly enriched himself. Waters, a long-time opponent of Trump’s, expressed her alarm about the potential corruption stemming from Trump’s cryptocurrency projects during the hearing held on April 9, 2025.
During her statements, Waters focused specifically on Trump’s memecoin, the Official Trump token (TRUMP), which has significantly declined, plummeting nearly 90% from its peak. “This so-called fraudulent memecoin has resulted in approximately $2 billion in losses for investors, while Trump and his family have reportedly gained at least $350 million,” Waters stated with palpable anger. She accused Trump of utilizing these digital assets to double his wealth, surging from $2.3 billion to $5.6 billion.
Waters elaborated on her apprehensions regarding other cryptocurrency projects associated with Trump, including the World Liberty Financial initiative. She raised concerns that these ventures could allow for undisclosed monetary influences from both foreign and domestic actors on U.S. policy. She emphasized, “It is concerning that these schemes create avenues for those, whether allies or adversaries, to transfer funds to Trump and his affiliates without transparency.” This assertion highlights potential security risks related to current legislative approaches toward cryptocurrency.
Moreover, Waters did not shy away from criticizing the committee that has been advancing legislation supportive of Trump’s crypto ambitions. She argued, “This committee’s recent vote effectively positions Trump as the ‘king of crypto’ by enabling him to dominate the stablecoin market and potentially shape financial policy to his advantage.” Waters specifically cited the proposed WLFI stablecoin, which could affect the current monetary framework by being legally redeemable for the U.S. dollar.
As a staunch advocate for strict regulations within the crypto market, Waters, alongside fellow critic Senator Elizabeth Warren, insists on ensuring that any cryptocurrency legislation undergoes scrutiny regarding conflicts of interest associated with Trump’s financial undertakings. The bipartisan push aims to establish accountability and transparency in a rapidly evolving digital asset landscape.
