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Waters Warns: President Trump’s Stablecoin Could Threaten US Dollar Use

Key Takeaways

  • ​Maxine Waters raised concerns about President Trump’s family-backed stablecoin, calling it a potential conflict of interest;
  • Waters warned that new rules could let President Trump shape financial policy through private crypto ventures like WLFI’s USD1 token;
  • She urged lawmakers to oppose the stablecoin bill unless it blocks presidents from owning crypto businesses.

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Waters Warns: President Trump’s Stablecoin Could Threaten US Dollar Use

Representative Maxine Waters has raised concerns about President Donald Trump’s growing ties to cryptocurrency during an April 2 hearing in Washington.

Waters, the senior Democrat on the House Financial Services Committee, spoke about a stablecoin backed by President Trump’s family and warned that new rules could benefit the president’s business interests.

She referred to World Liberty Financial (WLFI), which launched a stablecoin in March called USD1. She argued that President Trump had used his time in office to support several crypto-related efforts, including a meme coin released earlier this year and ideas to build a national reserve of digital assets.

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Waters said the current stablecoin proposal could open the door for President Trump and his allies to shape financial rules in their favor.

She warned that if such efforts went unchecked, they could lead to the government using stablecoins for housing aid, retirement benefits, or tax payments.

Additionally, Waters said she could not support the bill unless there were clear steps to prevent the president from owning a business tied to a stablecoin. She urged other members of the committee not to support the bill unless that issue was addressed.

Representative Bryan Steil, who introduced the bill known as the STABLE Act, did not directly respond to Waters' points about President Trump but spoke in favor of stronger protections for users.

Meanwhile, on March 17, Elon Musk claimed that at least 14 US government systems had issued payments without proper oversight. How? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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