FOR IMMEDIATE RELEASE: May 14, 2026
CONTACT: Jarice Thompson, jarice@ourfinancialsecurity.org
AFR Condemns Committee Approval of Dangerous Crypto Legislation, Urges Full Senate to Reject Billionaire-Backed Crypto Bill
Following today’s passage of the Digital Asset Market Clarity Act in the Senate Banking Committee, Demand Progress Action and Americans for Financial Reform’s Mark Hays, Associate Director of Cryptocurrency and Financial Technology, issued the following statement:
“The Senate Banking Committee just rubber stamped a giant giveaway to a handful of pro-authoritarian crypto billionaires. It is astounding that a few Democratic Senators joined Committee Republicans to ram forward a bill that literally enriches the very president who is besieging our democracy.
Today’s vote exposes a broken promise by key Senators who previously had promoted specific bright line principles on presidential ethics, consumer protection, money laundering, and market integrity were necessary to garner their support. Yet today, they capitulated to the industry demands and supported legislation woefully bereft of those provisions. And despite many of these Senators repeatedly lambasting the President and First Family for their overt crypto corruption schemes, they chose to support legislation that bitterly fails to include any language to bar that very corruption.
We urge Senators to reject this legislation when it comes to the Senate Floor. Senators must vote against the motion to proceed to advance this bill further, in addition to withholding support for the bill’s passage. The Senate should not abase itself to the crypto billionaires and crypto scammers that are demanding total legislative obedience. Senators must not cave to the crypto industry’s money and influence to sanction lopsided, industry-drafted legislation that will harm investors, workers saving for retirement, and our financial system. Anything less would be a dereliction of duty and a betrayal of the public who elected them to serve in their interest.”
Four of the six Democratic Senators who opposed the bill had previously supported the GENIUS Act which addressed stablecoin regulation; only Senators Ruben Gallego and Angela Alsobrooks voted for the bill.
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