View or download a PDF of the statement here.

Americans for Financial Reform submitted a statement for the record in response to hearings held by the House Financial Services and Agriculture Committees on June 4, 2025, entitled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.”

The statement raises serious concerns about the CLARITY Act (H.R. 3633), a crypto regulatory bill considered by both Committees, and describe how the bill, rather that require the crypto industry to adhere similar regulatory standards applied to traditional finance, takes a light touch approach that includes significant carve outs for the industry, which ultimately provides significantly less protection for investors and consumers and threatens to undermine financial market protections more broadly.

The statement also raises concerns about how the bill’s failure to address the conflicts of interest posed by the Trump administration’s ethically problematic crypto business activities means it will further enable the potential for these ventures to fuel corruption, and put more consumers and communities at risk.