NO to Crypto

Friends,

I’m sorry to say that several Democratic senators appear willing to support the CLARITY Act—a sweeping pro-crypto bill.

A crucial procedural cloture vote is scheduled for tomorrow. The vote requires 60 senators to advance the cryptocurrency framework. Republicans can’t do this alone. They need some Democratic senators.

These waffling Democratic senators have demanded a few cosmetic changes — a slight toughening of ethics rules, a modest expansion of law-enforcement authority, and a tad bit of strengthening of financial regulators.

All worthwhile improvements, but they don’t cure the bill’s fundamental defects.

Let me get right to the point. Congress should not enact legislation that further legitimizes and expands an industry whose promised public benefits are zilch while its costs and risks are increasing by the day.

There’s simply no legitimate use for crypto. Its only practical uses are tax evasion, money laundering, fraud, speculation, and crime.

The crypto lobby is large and well-financed. It has already bought off many members of Congress including, sad to say, a number of Democrats.

The parent company of Crypto.com has so far donated tens of millions to MAGA Inc. — Trump’s giant PAC, to support candidates who embrace Trump’s agenda — and is pushing for this “Clarity Act” legislation that would free crypto from securities laws.