Crypto Bills Surrender to Trump’s Crypto Corruption
WASHINGTON, D.C. – The Senate today followed a pair of House committees (Financial Services and Agriculture) to advance two cryptocurrency bills. The Senate bill, named the Genius Act, addresses stablecoins, a token typically tied one-for-one to the U.S. dollar. The House bill, named the Clarity Act, addresses general cryptocurrency, such as bitcoin. Public Citizen testified last week before the House Financial Services Committee about the corruption involving President Donald Trump’s crypto ventures. Bartlett Naylor, financial policy advocate for Public Citizen, released the following statement:
“In advancing these bills, lawmakers forfeited their opportunity to confront Trump’s crypto grift – the largest, most flagrant corruption in presidential history. These bills serve to legitimize what amounts to a massive scam with the American flag. A brave few Democrats who previously supported crypto legislation courageously opposed these bills. Promiscuous political spending by the crypto sector is behind this legislation, compounding the venality.”