In a House hearing that could only be described as “fiery” if you consider a dragon’s sneeze to be a gentle breeze, Rep. Maxine Waters took aim at Trump’s crypto escapades. She accused him of doubling his wealth while investors were left holding the bag—or in this case, the digital equivalent of a bag of air. 🐉💸
Trump’s crypto ventures, according to Waters, are less about innovation and more about “innovating new ways to make money disappear.” On April 9, the Democratic congresswoman and House Financial Services Committee member didn’t just throw shade; she hurled an entire forest at Donald Trump, accusing him of using crypto to line his pockets while the public scratched their heads and wondered what a blockchain even is. 🌳🤔
Waters pointed to his memecoin, the Official Trump token (TRUMP), which has plummeted 89.93% from its all-time high of $75.35 in January. According to Waters, this “fraudulent memecoin” was one of several ventures that helped Trump double his wealth through crypto. Because nothing says “Make America Great Again” like a digital token that’s worth less than a used tissue. 🧻💎
“President Trump has doubled his wealth, from $2.3 billion to $5.6 billion. His fraudulent memecoin lost investors $2 billion, while he and his family pocketed at least $350 million,” Waters stated.
During the same hearing, Waters highlighted other Trump-affiliated crypto projects, including World Liberty Financial. She raised concerns about these ventures being used by foreign or domestic actors to influence U.S. policy. Because when you think of “liberty,” you naturally think of anonymous money transfers to a billionaire’s inner circle. 🕵️♂️💼
“I am deeply concerned that these ventures have created an avenue for interested parties, whether they are allies or adversaries, to anonymously transfer money to him and his inner circle.”
Trump’s WLFI: The New Frontier of Corruption?
Waters also criticized the subcommittee on digital assets, financial technology, and artificial intelligence, which held the hearing. She argued the committee was helping advance Trump’s crypto ambitions, stating:
“This committee is helping Trump. Last week, this committee voted to make Trump the “king of crypto,” by passing legislation that lets him corner the market on stablecoins, kick George Washington off the dollar, and make his own stablecoin legal tender.”
Waters referenced the recently announced WLFI stablecoin, USD1. The stablecoin would be redeemable for the U.S. dollar, and backed by short-term U.S. Treasuries. Waters warned that the stablecoin could benefit from regulatory favoritism. Because nothing screams “stable” like a coin backed by the same people who brought you “alternative facts.” 🏦🤷♀️
Rep. Maxine Waters, together with Senator Elizabeth Warren, has been a longstanding critic of both Donald Trump and the deregulation of crypto assets. Both Waters and Warren demanded that all crypto legislation should pass checks on Trump’s potential conflict of interest. Because when it comes to Trump and crypto, the only thing more volatile than the market is the truth. 🎢🕵️♀️
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2025-04-09 18:55