FOR IMMEDIATE RELEASE: July 17, 2025

CONTACT: Jarice Thompson, jarice@ourfinancialsecurity.org

Washington, DC- Mark Hays, Associate Director for Cryptocurrency and Financial Technology 

Americans for Financial Reform and Demand Progress statement on House passage of legislative giveaways to the crypto industry that enrich Trump and his cronies

“Today’s House crypto votes are an ill omen for small investors and the financial system. The die is now cast: the crypto industry’s profligate political spending is very close to securing a light-touch regulatory framework for these volatile assets and predatory platforms that will mainstream crypto’s endemic scandals, instability, exploitation, and illicit financial dealings right into the fabric of the financial system. The gusher of campaign cash from the crypto industry is buying rubber stamped crypto policies that boost the industry’s bottom line while exposing consumers, investors, and the financial system to serious financial harm. 

It is unconscionable that the Congress is passing these bills without any real restrictions on Trump’s crypto dealings that allows Trump and his cronies to personally benefit from limitless legalized corruption while the rest of us stand in harms way of the next crypto implosion. 

As CLARITY heads to the Senate, Senators should remember that the rosy promises of financial innovation are exactly the same as those that promoted the late 1990s deregulation that led to the 2008 financial crisis. Senators should ask whether they will truly stand up to fight for consumer protection and against corruption, or concede and ultimately become complicit in this new virulent shade of corrupt crypto cronyism.

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