1. United States
2. N.Y.
3. Letter

The Senate is considering the Clarity Act, a bill that would allow volatile cryptocurrency assets to recklessly access our pensions and retirement investments. Whenever big Wall Street banks, financial institutions and billionaire investors gamble with our economy, working people are the ones who feel the pain. Our jobs, our homes and our retirement savings take huge hits when the banking system or the market collapses. This bill is bad for workers, putting working people’s financial security and retirement at risk—while also shielding crypto companies from serious oversight and regulation. The bill would allow cryptocurrency issuers and platforms to opt out of stronger oversight by the U.S. Securities Exchange Commission (SEC). Compared to the SEC, the Commodity Futures Trading Commission is not only understaffed, it also does not have a mandate to protect investors. This could hurt ordinary Americans and our pensions, while protecting the crypto companies who stand to gain from less oversight. If passed, the Clarity Act would support the spread of cryptocurrency into our economy so completely that it would be very difficult for the average person to completely opt out. Exposing our retirement accounts and the economy to crypto billionaires’ games would help a small number of rich and powerful people make even more money, while putting the rest of us at risk. Please stand with workers and tell your senators to vote NO on the Clarity Act.