Rep. Maxine Waters, the California Democrat and ranking member of the House Financial Services Committee, is pressing Congress to slow work on major crypto legislation until conflict-of-interest protections are established. She has focused on reported increases of roughly $1.2 billion in the Trump family’s net worth, including a $2 billion investment connected to a Trump-linked stablecoin (cryptocurrency designed to track a stable value). Waters argues that advancing crypto-friendly rules without safeguards could legitimize self-dealing by senior government officials. She has opposed or sought changes to the GENIUS Act, the CLARITY Act and the American Reserve Modernization Act, while introducing the STOP TRUMP and CRYPTO Act to restrict crypto-related businesses for top federal officials. The Senate voted 49-50 on September 15-16 against advancing the CLARITY Act, while Waters’ amendments to the American Reserve Modernization Act failed 21-28 in committee. On June 25, she also sent an 11-page letter to the Department of Labor urging withdrawal of a proposal that would allow 401(k) plans to offer digital assets. The votes underscore a partisan standoff over crypto policy, with narrow margins limiting the legislation’s progress.