Rep. Maxine Waters Calls Crypto ‘Inevitable,’ Robinhood Eyes Stablecoin

  • Maxine Waters admits crypto is “inevitable” amid industry growth.
  • Robinhood is considering launching a stablecoin to challenge Tether’s dominance.
  • Gary Gensler avoids commenting on a Bitcoin reserve fund during a CNBC interview

U.S. Representative Maxine Waters, a well-known critic of the cryptocurrency industry, recently acknowledged that crypto is “inevitable” during an interview. In a recent Thinking Crypto podcast, host Tony Edward analyzed this unexpected shift in Waters’ stance and its implications for the market.

As the top Democrat on the House Financial Services Committee, Waters pointed out how the political landscape has evolved with the global rise of digital currencies. Her remarks mark a notable departure from her previous support for stringent crypto regulations, often aligned with SEC Chair Gary Gensler’s tough stance.

Waters’ comments come as bipartisan efforts in Congress are advancing toward clearer crypto legislation. Senate Majority Leader Chuck Schumer has voiced a goal to make substantial progress by year-end.

Robinhood Eyes Stablecoin Market

During the podcast, Edward also discussed reports of online brokerage Robinhood exploring the launch of its own stablecoin. Citing Bloomberg, he noted how Robinhood’s entry into the stablecoin space could challenge Tether’s dominance, especially following PayPal’s recent move into the sector. 

Robinhood has already made significant strides in crypto, expanding into Europe and acquiring Bitstamp, a well-known cryptocurrency exchange.

Gensler Faces Criticism After CNBC Interview

SEC Chair Gary Gensler’s recent appearance on CNBC also came under scrutiny during the podcast. Gensler avoided questions about the potential for a sovereign Bitcoin reserve fund, citing his regulatory duties and the upcoming election as reasons for not commenting. 

This evasiveness has drawn criticism from the crypto community, with many accusing Gensler of favoring traditional financial interests.

Edward also touched on recent comments by billionaire Mark Cuban, who publicly expressed interest in taking over the SEC Chair position during an interview on Fox. Cuban has been advising Kamala Harris’s team on crypto matters, which adds weight to his critiques of Gensler. Cuban has even tweeted about Gensler being fired, particularly after Harris voiced her support for digital assets. 

However, the situation took a surprising twist when a photo surfaced of Cuban and Gensler smiling together in CNBC’s Green Room. This raised eyebrows within the crypto community, with many questioning Cuban’s stance, considering his previous calls for Gensler’s dismissal.

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