Maxine Waters, ranking member of the US House Financial Services Committee, criticized Republican lawmakers for neglecting oversight of financial institutions and cryptocurrencies during a recent committee meeting. Waters raised concerns about President Donald Trump’s memecoin, the TRUMP token, which she described as a potential avenue for corruption and a threat to national security. She claimed that Trump’s memecoin would allow anonymous money transfers to him and his inner circle, circumventing anti-corruption laws. Despite the coin's significant price increase after its launch on January 17, Waters warned that investors would be left vulnerable if insiders sold their stakes. She emphasized the need for oversight, contrasting the Republicans' focus on expanding financial literacy with the risks posed by crypto assets. The discussion comes as the committee aims to create regulatory clarity for digital assets under various jurisdictions, indicating a shift towards understanding the implications of crypto in the financial landscape.

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