1. United States
2. Calif.
3. Letter

Please vote ‘NO’ on all efforts to advance the CLARITY Act! As Robert Reich says: “Congress should not enact legislation that further legitimizes and expands an industry whose promised public benefits are zilch while its costs and risks are increasing by the day. There’s simply no legitimate use for crypto. Its only practical uses are tax evasion, money laundering, fraud, speculation, and crime. The crypto lobby is large and well-financed. It has already bought off many members of Congress including, sad to say, a number of Democrats. The CLARITY Act would narrow the authority of the Securities and Exchange Commission over digital assets and give authority over crypto to the Commodity Futures Trading Commission. This means investors will be shafted and the public will be left in the dark because of the lack of disclosures, the absence of fiduciary obligations, and the deficiency of investor safeguards. All these would apply under federal securities law, but none of these exist under laws governing futures contracts. In other words, the CLARITY Act would give crypto even more cover. It would make crypto even more opaque. It would allow even more tax evasion, more money laundering, more fraud, more speculation, more ripoffs, and more crime.” Please vote “NO” on all aspects of this bill.