FOR IMMEDIATE RELEASE: June 11, 2025

CONTACT: Jarice Thompson, jarice@ourfinancialsecurity.org

AFR Statement on House Committees’ Passage of the so-called CLARITY Act

Washington, DC — Mark Hays, Associate Director, Cryptocurrency and Financial Technology

Yesterday, a majority of members of the House Financial Services and Agriculture Committees voted to approve H.R. 3633, the so-called CLARITY Act, a bill written by and for the crypto industry that will reward predatory and exploitative crypto business models and leave consumers, communities, and investors with weak protections and little recourse when the next speculative crypto bubble inevitably bursts. 

Proponents of this bill have failed to understand the lessons from previous financial crises. Creating generous regulatory carve outs for reckless financial actors who refuse to adhere to basic financial regulations — in the name of crypto innovation that has failed to deliver — will only amplify the risk for investors. 

The CLARITY Act threatens to be a calamity: fostering a regulatory race to the bottom that will enrich a few wealthy crypto bros, but ultimately destabilize financial markets — wiping out people who never chose to buy into crypto’s big gamble. That’s especially true since the crypto industry has led the charge to dismantle or take over independent financial regulators like the CFPB and other financial watchdogs meant to hold the industry accountable.  

The full House must push back against a bill that stands to enrich President Trump and his unprecedentedly corrupt crypto dealings instead of caving to crypto industry pressure. 

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