California Congresswoman Maxine Waters, who serves as the top Democrat on the U.S. House Financial Services Committee, has disclosed her intention to propose a bill aimed at hindering former President Donald Trump’s cryptocurrency venture and curbing any potential corrupt practices related to it.
In a statement made on May 22nd, Representative Waters mentioned that the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act of 2025 is intended to prevent U.S. political figures, including the President, Vice President, members of Congress, and their immediate families, from participating in illicit crypto activities. The lawmaker specifically pointed out previous actions by former President Trump and his wife Melania, such as issuing personal memecoins in January, launching a stablecoin USD1 through the World Liberty Financial crypto platform, and attempts by Trump to create a national Bitcoin (BTC) reserve while his sons support a BTC mining venture.
Donald Trump is getting ready for a meal with his major supporters of the memecoin that have enriched both him and his family,” stated Waters, further commenting:
“Trump’s crypto con is not just a scam to target investors. It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder.”
One of Water’s legislative measures was among several responses aimed at countering the president’s dinner intended to honor memecoin holders. Senators Chris Murphy and Elizabeth Warren are slated to join a press conference alongside Public Citizen, a consumer advocacy group, and two Democratic organizations will stage protests outside the Trump National Golf Club in Washington D.C., where the memecoin event is scheduled to take place.
This is a developing story, and further information will be added as it becomes available.
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2025-05-22 20:53