Congressman Maxine Waters: US Cryptoreserve will only enrich Donald Trump

During the hearings in the House Financial Services Committee, US Congresswoman Maxine Waters accused the American president of enriching himself with TRUMP memecoins through account. According to the congresswoman, Trump organized a major 'cryptoheist' where investors lost about $2 billion, while the president himself and his fam 'pocketed' at least $350 million.

Trump continues to pump selected participants of the crypto market, including his business partners and even members of the administration, including 'crypto king' David Sacks (David Sacks) and Minister of Trade Howard Lutnick (Howard Lutnick), dissatisfied with Waters

"Trump enriched fam with cryptocurrency, doing nothing to reduce the cost of living for ordinary American families, as promised before the election. And now his decree to create a reserve in bitcoins and other cryptocurrencies confiscated by the government will only benefit Trump himself and his associates," Waters said.

Authorities should only hold strategic reserves that are intended for economic development and defense spending - however, cryptocurrencies have no intrinsic value, so they will not help the national economy and defense, insists Waters.

"The only people who will benefit from the crypto reserve are Trump insiders who already hold these cryptocurrencies and want to benefit, not the average person. This will prompt the Trump administration to make risky regulatory decisions to maintain the value of reserves, endangering broad market participants," the congresswoman added.

She called on the White House administration to cooperate with Congress on issues of creating and funding a strategic reserve of bitcoins. This is necessary to strengthen supervision over crypto-assets that Trump is seeking to accumulate, as well as to prevent fraud, which could lead investors to suffer multibillion-dollar losses.

Earlier, Walters called the memecoin TRUMP the worst of all cryptocurrencies. The congresswoman criticized the launch of the dollar stablecoin payment service PayPal PYUSD, as clear consumer protection rules at the federal level have not yet been established for tokens, and users may suffer from scammers.