Maxine Waters Declares Pro-Crypto Shift For Next Congressional Session

U.S. Representative Maxine Waters (CA-D), a formidable force in U.S. politics, has long been a key figure in the financial regulation landscape. As the former Chair of the House Financial Services Committee (HFS) and the current ranking member, Waters is known for her cautious and critical approach to cryptocurrency, often emphasizing the need for strict regulation to protect consumers and maintain financial stability. In the wake of the 2022 crypto contagion season marked by the FTX scandal, a crypto bear market and several industry bankruptcies, Waters called for greater scrutiny and control by regulators and Congressional oversight committees.

However, this week in a August 21st appearance on the Our Native Land podcast during the 2024 Democratic National Convention in Chicago, IL., hosted by Angela Rye, Tiffany Cross, and Andrew Gillum (with special guest Charlamagne Tha God), Waters signaled an evolution in her perspective. She explained that if Democrats regain control of the House and she resumes her role as Chair of the HFS committee, one of her top three priorities would be fostering innovation in artificial intelligence, cryptocurrency, and other emerging technologies.

“We’ve got to move forward with AI, artificial intelligence, [and] cryptocurrency,” explained Waters in response to Gillum’s question regarding legislative priorities in a Democrat-led House of Representatives.

These statements mark a turning point in Waters’ position and represent a notable departure from her earlier, more critical approach.

Waters’ Crypto Skeptic Past

Waters has consistently demonstrated a cautious and critical approach toward cryptocurrency. This was evident in several key instances where she took decisive actions to curb what she perceived as the risks posed by the rapidly growing, volatile crypto asset market.

In June 2019, Waters took a firm stance against Facebook's proposed cryptocurrency, the Libra stablecoin (later renamed Diem). Just hours after Facebook.