Senior Democratic Member of the US House of Representatives Maxine WatersGenius and Clarity law, which will be voted at the beginning of the “crypto monetary week”, said that a gigantic fraud for American families will open the door of a huge fraud. Waters, MSNBC on Monday, July 14 in the article of the regulations president Donald Trump‘s a special, deliberate detail that will legalize crypto currency investments defended. The bills are expected to pass through the House of Representatives on Wednesday and Thursday and reach Oval Office on Friday. In addition, the Democratic Congress member arrangements will prevent the consumer from protecting the consumer by tying his hand his hand.
Waters: “My colleagues make a big mistake”
Waters, “My colleagues make a big mistake” article in his article titled Crypto currency legislation can lead to a full -scale financial destruction, he said. Trump family crypto currency The Democratic Congress member referring to Bloomberg calculations that he earned $ 620 million from his initiatives, emphasized that he was worried about the “the president’s wife unprecedented interest”. According to him, the drafts weakening transparency Crypto Money MarketIt will create a legitimacy of the threshold.
Waters also tried to convince voters that their laws have turned into a masked threat, not a protective shield. Genius and Clarity’nin if the enactment of the regulatory institutions will face the problem of resource defending the deputy, SEC’in proactive steps can not take proactive steps and weak sanctions will encourage malicious actors, he added.
GENIUS AND CLARITY laws targeted by the Democratic Congress member
Passing through the Senate Genius lawIt brings net capital and reporting obligations to stablecoins, which are 100 percent supported by US dollar or equivalent liquid assets. However, WATERS claims that the additional budget is not allocated for surveillance and application in the text of the law, so the protection shield will remain on paper.
Clarity law In the crypto currency market, it clarifies the limits of authority between the SEC and the commodity futures commission (CFTC) and to separate customer assets from corporate balance sheets. Waters pointed out that this arrangement did not allow Early intervention permission to the SEC and does not contain provisions that prioritize individual investors.
Democrats, who argue that both bills will be a legitimacy tool due to Trump’s close to the sector, continue to warn their party friends before the last vote.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
