Tag Archives: Cryptocurrency

Cryptocurrency

Blog: Trump Crypto Ventures Should Stall Senate Consideration of Stablecoin Bill

The Senate is moving toward legislation to embed cryptocurrency tokens known as stablecoins into the fabric of the financial system at the very same time that a prominent person – no less than President Trump – is plumbing the depths of corruption and conflicts of interest. The beginning of the solution to the problem of crypto scams and corruption involves stopping this legislation – not fast-tracking it to enactment.

IN THE NEWS: Trump eyes pro-crypto candidates for key federal financial agencies (The Washington Post)

“It means that people are going to be more vulnerable to an industry that is rife with fraud, abuse, market manipulation and cyber-breaches,” said Patrick Woodall, the managing director for policy at Americans for Financial Reform, which advocates for stronger financial regulations. “This is an industry that is extremely volatile, where people take big losses, where market manipulation by insiders is very prevalent.”

Blog: A Crypto Coup? How Billionaires Are Threatening Democracy & Rewriting the Rulebook of American Politics

Crypto tycoons are storming into U.S. politics and attempting to reshape how we choose our elected officials. And the industry remains mostly controlled by a small group of very wealthy people even though fewer than one-sixth of people have ever owned any cryptocurrency. But crypto tycoons are pouring money into politics, aiming to bypass regulatory oversight, consolidate their power, and restructure American politics for their own benefit.

Blog: Seniors Bear Rising Burden of Crypto Scams

Con artists are increasingly turning to cryptocurrency in scams that target older people, accelerating the already surging elder fraud in the United States. Cryptocurrency’s role in elder fraud is exploding,  costing older people billions of dollars annually, emptying retirement funds, life savings and the ability to cover daily expenses or enjoy their retirement.

Cryptocurrency

Blog: Crypto Kleptocracy and the Scammers Paradise

Cryptocurrency promises a high-tech opportunity to make buckets of money, but like most get-rich-quick schemes, rip-offs are ubiquitous. The crypto industry is rife with scams, hustles akin to stock swindles, cyberbreaches, and other crimes that can easily separate investors and consumers from their money.

News Release: House-Passed Crypto Bill Risks Investor Harm and Financial Instability

The cryptocurrency bill passed by dozens of House Democrats and most Republicans at the behest of a free-spending industry lobby lacks effective protections for consumers, establishes weak rules for this fraud-ridden industry and contains loopholes that could undermine regulatory safeguards for all investors and consumers. The influx of crypto political spending this election year – notably millions in negative ads in California’s Senate primary – loomed large in this vote. Crypto super PACs, largely financed by a handful of wealthy Silicon Valley tech donors, have pledged to spend tens or even hundreds of millions of dollars this election cycle.