Maxine Waters is expected to take over the House Financial Services Committee in January 2027 after Democrats won control of both chambers in the November 3, 2026 midterm elections. Former committee chairman Patrick McHenry doubts that her “tough but fair” approach will lead to reasonable crypto market structure legislation. In 2025, Waters introduced a consumer-protection bill that included requirements for monthly proof of reserves and 24-hour customer withdrawals. McHenry also admitted that separating stablecoin rules from the broader CLARITY Act slowed its path to passage, although he believes a bipartisan pro-crypto coalition could block openly hostile legislation. Democrats are reportedly developing a new framework based partly on Waters’s earlier proposals and seeking to balance oversight between the SEC and the CFTC.
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