Tag Archives: Crypto

Enabling the Crypto Billionaires

The crypto barbarians are at the gates. According to congressional Republicans, this week is “crypto week.” That’s code for their shameless plan to pass legislation expanding the wealth of 25 crypto billionaires while putting the rest of us — and the financial system — in harms way.

Less than two weeks after the Republicans passed a giant tax break for the super rich (paid for with savage cuts to Medicaid, nutrition programs, and more), they are teeing up two pieces of crypto legislation that will reward Big Tech and the crypto broligarchs but pose serious financial risks to small crypto investors, financial stability, and everybody else.

Fact Sheet: AFR Fact Sheet on the CLARITY Act: A Crypto Cash Grab that is a Consumer Catastrophe

“AFR fact sheet on CLARITY Act cryptocurrency legislation that is a giveaway to crypto billionaires but poses enormous risks to the financial system and crypto investors. The legislation fails to address the administration’s crypto corruption, weakens oversight of cryptocurrency, undermines state regulators, promotes regulatory evasion, and fails to protect consumers, investors, and financial markets.”

In the News: Why Passing the Stablecoin GENIUS Act Might Not Be So Smart (The New Yorker)

“The GENIUS Act is an important step, but it is just one of many actions that the crypto industry and its allies in the White House and Capitol Hill are taking to launch an uncontrolled experiment in unleashing crypto on the economy and the financial system,” Mark Hays, an associate director of crypto and fintech at Americans for Financial Reform, a Washington-based advocacy group, told me.

News Release: Senate Passes Huge Giveaway to Crypto Industry, Big Tech and Trump Family

The GENIUS Act (S.1582) took another step closer to becoming law after the Senate passed this alarming bill this evening, which links crypto tokens purportedly pegged to the U.S. dollar – stablecoins –  to the broader financial system without meaningful consumer protections or safeguards for investors. This bill also stands to enrich President Trump and his family personally via their many crypto business ventures.

News Release: Senate Passes Huge Giveaway to Crypto Industry, Big Tech and Trump Family

The GENIUS Act (S.1528) took another step closer to becoming law after the Senate cleared a key procedural vote towards  passing this alarming bill that links crypto tokens purportedly pegged to the U.S. dollar – stablecoins –  to the broader financial system without meaningful consumer protections or safeguards for investors. This bill also stands to enrich President Trump and his family personally via their many crypto business ventures. 

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

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. 

Cryptocurrency

Statement: AFR Statement for the Record for House Financial Services and Agriculture Committee Hearings on Digital Assets

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.