Accusations Fly as Maxine Waters Blasts Donald Trump for Manipulating Legislation to Impose His Crypto Interests

In a context where crypto infiltrates the arcane realms of power, an accusation shakes Washington. Representative Maxine Waters, a key figure of the Financial Services Committee, accuses Donald Trump of manipulating the legislative chessboard

In the eerie intersections of crypto and arcane realms of power, Representative Maxine Waters is raising a spectral hand of accusation against former President Donald Trump.

The Democratic vice chair of the Financial Services Committee claims Trump is attempting to manipulate the legislative chessboard to install his own crypto interests.

However, beneath the veneer of a technical discussion on stablecoins lies a murkier battle: that of a president attempting to introduce a digital currency bearing his likeness and used for federal taxes.

A high-stakes political strategy

Since January, the former president has been making various crypto moves with disconcerting media flair. He launches a memecoin bearing the image of his campaign and claims it is the best. He also supports USD1, a stablecoin pegged to the dollar.

This is issued by World Liberty Financial (WLFI), a company linked to his family. Trump thus appears to be weaving a financial web with oligarchic overtones.

But for Maxine Waters, these projects are not mere speculations: they reveal an attempt to “capture” the American economy via digital assets controlled by his clan.

On April 2, during a key hearing on stablecoins, she vehemently condemned what she describes as institutionalized conflicts of interest.

According to her, Trump would use his residual influence to shape tailored legislation, allowing his stablecoins to become the cogs of a parallel system. Imagine: taxes, social benefits, federal real estate transactions… Everything would go through crypto stamped “Trump”.

A nightmarish vision for his detractors, but a credible scenario given recent legislative maneuvers.

And the Republicans in all this? If French Hill, committee chair, cautiously mentions “complications” related to Trump’s family ties, no concrete amendment aims to regulate these risks.

Worse: some GOP members seem ready to endorse texts indirectly favoring the former president’s crypto ambitions. A complicit silence that fuels suspicions of collusion between political power and private interests.

Legislating under influence: when crypto divides Congress

The STABLE Act, presented by Bryan Steil, was meant to embody a bulwark against the excesses of stablecoins. Yet, it now crystallizes tensions.

Waters demands that the text includes explicit ethical safeguards – prohibiting a sitting (or former) president from owning a stablecoin business, for instance.

Without this, she threatens to block any progress, urging her peers not to become “facilitators” of a monetary sovereignty diversion.

But the stakes go beyond Trump. Behind this power struggle looms a vital question: who will control America’s financial future? Democrats insist on the necessity of a strict federal framework, limiting the anarchic growth of private cryptos.

Republicans, on the other hand, advocate for a more liberal approach, arguing that innovation should not be stifled by distrust. A precarious balance, as the White House is also studying a public digital currency (CBDC) – a project that Hill seeks to bury.

As a result: Congress navigates in troubled waters. The April 2 hearing did not result in any consensus, sending the bills back into limbo.

In the meantime, Trump continues to promote his national cryptocurrency reserve, playing on two fronts: that of the tech entrepreneur and the nostalgic politician. A blending of genres that, for Waters, symbolizes the ultimate threat: the creeping privatization of monetary policy.