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In a meeting of the US House Financial Services Committee, Maxine Waters criticized Republican lawmakers for not addressing the US president’s potential conflicts of interest.
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California Representative Maxine Waters, a Democrat and ranking member of the US House Financial Services Committee, warned lawmakers that President Donald Trump’s memecoin potentially opened the door to corruption and risks to national security.
In a Jan. 22 organizational meeting for the committee to adopt rules and an oversight plan in the 119th session of Congress, Waters said it was “alarming” that the Republicans’ plan — the party has majority control in the House of Representatives — did not include oversight of crypto firms and other financial institutions.
She referenced tech billionaires and CEOs attending Trump’s inauguration inside the US Capitol Building on Jan. 20, while many were left out in the freezing temperatures and took aim at the Official Trump (TRUMP) token launch.
“[T]he plan is notably silent about reviewing the actions taken by the current President, including potential conflicts of interest that may put our national security at risk,” said Waters. She continued:
“Hours before Trump took office, he and his family launched memecoins that have shot up in value, reportedly increasing his personal wealth and possibly providing a backdoor for sanctioned persons, hostile governments, and other bad actors to give money to Trump directly.”
Related: US Dems choose leadership for committees crucial to crypto policy
Waters kept her position as the top Democrat on the committee as Arkansas Representative French Hill took over as chair on Jan. 3 following the departure of Patrick McHenry. The committee is one of a few in Congress that could be crucial to crypto policy, as many in the industry expect lawmakers to work toward establishing regulatory clarity and not cracking down on digital assets.
This article first appeared at Cointelegraph.com News
