Crypto Bill Would Foster Abuse, Fraud, Systemic Risk
The Senate Banking Committee should oppose a cryptocurrency bill slated for markup on Thursday, Public Citizen said in a letter sent to the committee today. The Digital Asset Market Clarity Act would only further expand the opportunities for abuse, fraud, and systemic peril caused by cryptocurrencies.
The bill would expand mainstream banking powers through cryptocurrency. It also would fail to protect state oversight of crypto scams, and do nothing to address President Donald Trump’s sprawling crypto grift, the largest corruption in presidential history.
“This bill not only ratifies Trump’s unprecedented crypto corruption, it interlocks the mainstream banking sector with a volatile sector bursting with price convulsions and frauds,” said Bartlett Naylor, economist for Public Citizen. “That portends another financial sector tsunami.”