- United States
- Ga.
- Letter
I urge you to reject the proposed GENIUS Act, which would dangerously allow major tech companies like Amazon, Google, and Meta to create and operate their own cryptocurrencies and financial systems. This bill would grant unprecedented power to already monopolistic corporations, enabling them to extend their dominance into banking and compete with the US dollar itself. Permitting Big Tech to own and control digital currencies tied to their platforms raises serious concerns about privacy, security, and anti-competitive practices. These companies already have unparalleled access to our personal data and daily activities. Allowing them to also control our financial transactions would create conflicts of interest and enable potentially abusive behavior, like limiting services for those who don't use their cryptocurrencies. Furthermore, cryptocurrencies are a favored tool of criminal organizations for money laundering, hacking, and financing illegal activities due to lack of oversight. The GENIUS Act fails to address these national security risks. We cannot afford to let the largest tech giants operate their own unregulated financial systems. For the protection of consumers, fair markets, and national security, I strongly urge you to uphold the separation of banking and commerce by rejecting this dangerous legislation. Preventing corruption and safeguarding against monopolistic overreach should be a top priority. Please stand firm against the immense lobbying pressure and deep pockets of the crypto industry on this issue.