1. United States
2. Texas
3. Letter

I am writing to express deep concerns over the repeal of the Biden-era cryptocurrency tax reporting rule, a move that removes oversight from decentralized finance (DeFi) transactions and creates a dangerous loophole for illicit financial activities. The repeal, led by Senator Ted Cruz and passed with bipartisan support, raises serious questions about the integrity of our financial and political systems. Without mandatory reporting to the IRS, cryptocurrency can now be easily used for: • Money Laundering – Criminals and bad actors can use mixers, tumblers, and offshore exchanges to move funds undetected. • Drug Cartels & Organized Crime – Crypto transactions enable instant, untraceable payments for narcotics, weapons, and human trafficking. • Political Bribery & Corruption – Anonymous crypto wallets allow unlimited dark money donations, potentially influencing elections and legislative decisions without disclosure. • Foreign Interference – Adversarial nations can now fund political campaigns or policy lobbying efforts without any accountability. Given these risks, the decision to repeal this rule makes Congress appear complicit in shielding dark money and protecting those who wish to operate in secrecy. Are lawmakers so eager to embrace deregulation that they are willing to enable financial crime and potential corruption within our own government? If this repeal was truly about innovation, then why was the immediate effect to remove transparency? If there is nothing to hide, why oppose basic financial oversight? The American people deserve to know whether this was about protecting crypto investors or protecting undisclosed donors and their questionable dealings. I urge you to explain your position on this matter and support legislative efforts to reinstate critical oversight mechanisms. Democracy cannot function when dark money controls the levers of power. Transparency is not a partisan issue—it is a fundamental necessity for a government that serves its people, not its wealthiest benefactors.