Tell Congress: No Giveaways to the Crypto Industry!
The cryptocurrency industry is making a power grab. Over the past few months people have lost at least $700 billion in this highly speculative industry. The last thing we need is new laws rushed through Congress at the behest of its lobbyists, which will only increase the risk of people losing even more money. Especially when regulators have the tools to protect consumers and they’re stepping up to use them.
Regulating the cryptocurrency industry and protecting consumers is a racial justice issue too. This speculative industry is extracting wealth from Black and Brown people, who are often shut out of other wealth-building activities.
Now, crypto executives have spent over $30 million on US political campaigns since the 2020 election in an attempt to influence Congress. Their goal is to get Congress to pass new laws overriding existing protections and give crypto an easy regulatory pass. They’ve started political action committees and financed congressional candidates. Their influence is growing.
But let’s be crystal clear: now is not the time for lawmakers to draft legislation full of giveaways to the cryptocurrency industry. Congress should be empowering regulators to protect everyday people right now with the tools they already have.
No giveaways to the crypto industry.
Let regulators do their jobs and protect consumers now.
 Crypto Crash Widens a Divide: ‘Those With Money Will End Up Being Fine, New York Times
 Crypto Collapse Threatens to Leave Black, Hispanic Investors Further Behind, Bloomberg
 Crypto industry wields its influence in Washington after pouring over $30 million into campaigns, CNBC