Congresswoman Maxine Waters sharply criticized President Donald Trump during a House Financial Services Committee hearing Wednesday, accusing him of exploiting crypto markets to expand his personal wealth while leaving retail investors with heavy losses.
Waters condemned several Trump-affiliated digital asset initiatives, including the Official Trump Token (TRUMP), which has fallen nearly 90% since peaking in January. She claimed the token’s collapse wiped out billions in investor value while the president and his associates secured substantial profits.
Financial disclosures and public estimates presented during the hearing showed Trump’s net worth increasing from $2.3 billion to $5.6 billion over the past year, much of it tied to his crypto exposure.
USD1 draws additional scrutiny
Waters also targeted World Liberty Financial, a firm with ties to the Trump family that recently launched USD1, a stablecoin backed by short-term US Treasury securities.
She warned that the stablecoin’s design could facilitate regulatory favoritism and serve as a conduit for undisclosed political financing or foreign influence.
By highlighting the stablecoin’s dollar-pegged structure and redemption mechanism, Waters raised concerns about how closely the stablecoin mimics sovereign currency and how it might benefit from perceived legitimacy due to Trump’s involvement.
She called on lawmakers to ensure that all crypto legislation includes provisions addressing potential conflicts of interest involving sitting public officials.
Committee decisions spark accusations of bias
Waters criticized the subcommittee on digital assets for advancing legislation that, in her view, supports Trump’s crypto ambitions.
She argued that recent votes positioned Trump to dominate the digital dollar landscape by enabling favorable treatment of stablecoins connected to his political and business network.
Throughout the hearing, Waters called for tighter ethical checks on crypto legislation, especially with a sitting president financially linked to the sector.
She framed the issue as a test of regulatory independence and transparency in the face of rising political influence in emerging financial markets.
The White House has not responded to the claims raised during the hearing. World Liberty Financial also declined to comment.