After aggressive lobbying and an influx of campaign money from the crypto industry and its billionaire backers, the Senate is poised to take up legislation that would cement a massive deregulatory giveaway to the crypto billionaires.
Among other harmful things, the crypto industry is lobbying to:
- Integrate risky and scammy crypto products into the financial mainstream, including into retirement accounts. This threatens everyone’s financial future, not just those who choose to invest in risky crypto products.
- Make it easier for scammers to rip-off investors while regulators and industry actors look the other way, leaving people, communities, and the economy on the hook to pay the consequences.
- Give a free pass to exploitative and predatory industry actors, allowing a sector infamous for illicit finance and systemic bad practices to largely regulate themselves with the blessing of captured regulators.
These are the same Silicon Valley billionaires that have backed the administration’s authoritarian power grab. Now, they are trying to enshrine the predatory crypto model that keeps their cash flowing into law. With big money lobbyists putting pressure on the Senate to push through bad legislation, your Senators need to hear from you that they cannot let this billionaire giveaway become law!