Press Release: AFR and Government Watchdog Groups Unite to Condemn Weak Ethics Deal

Statement of Mark Hays, Associate Director, Crypto and Fintech Policy, Americans for Financial Reform and Demand Progress Action on new so-called ethics language in the CLARITY Act:

The rumored crypto ethics deal is just another attempt to rubber stamp President Trump’s endless crypto grift at the expense of everyday people. Adding AG enforcement authority is no help if the underlying rules do not actually prohibit conduct creating the conflict, and it is not even clear that this provision is a viable enforcement mechanism. The new divestiture provision appears to exclude the vast majority of the Trump family’s crypto empire. These measures are window dressing that fail to meaningfully address the crypto corruption that has already occurred or prevent President Trump or any elected officials from continuing to capitalize on their role in crypto policymaking. It also sends a signal to crypto oligarchs that Congressional leaders are blessing the industry capture of the legislative process to advance their own profit-driven agendas. 

AFR joined Democracy Defenders, Transparency International US, Common Cause, Indivisible, and Citizens for Responsibility and Ethics in Washington opposing the weaknesses and shortcomings of the newly released ethics language. The letter is available here. 

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