Protect US invests from crypto scams!

Please protect American investments! Digital assets are not going away. But the hard data is now undeniable: the crypto sector has become one of the most efficient, prolific consumer fraud vectors in modern U.S. financial history — and it is being sustained in Washington by paid influence rather than actual economic utility. I am asking Congress to divest the United States government — financially, politically, and reputationally — from crypto scams. Facts: • The FTC reported Americans lost over $1.4 billion to crypto-related fraud in 2023 alone. (FTC Data Spotlight, June 2024) • The FBI’s IC3 report states crypto was the #1 payment method used in online fraud in 2022 and 2023 — surpassing wire transfers and credit cards. • Not one major U.S. retail crypto token meets the legal definition of an investment with use-case cashflows. (GAO & CFTC testimony have stated this repeatedly.) • The IMF and BIS have both published findings showing that so-called “stablecoins” are neither stable nor reliably backed — and that crypto price action is nearly 100% speculative / sentiment-driven, not utility-driven. • The largest U.S. crypto exchange (FTX) collapsed into criminal fraud — and we learned in court that it was extensively purchasing political influence while insolvent. We cannot pretend those facts are outliers. This industry has demonstrated: • no audited cashflows • no productivity gains passed to the U.S. economy • no meaningful job creation in America outside of marketing & lobbying Meanwhile, we have real, critical sectors that need investment and attention: semiconductors, grid modernization, AI safety, public education, resilient domestic manufacturing, STEM workforce development. Every dollar of institutional legitimacy we give crypto is a dollar that does not go to things that actually make this country stronger. Congress should: 1. End political PAC dependency on crypto money 2. Ban custodial crypto platforms from calling speculative tokens “investments” without audited revenue backing 3. Prohibit government pension funds from holding crypto tokens 4. Fully resource the CFTC + FTC + DOJ for crypto fraud enforcement 5. Create a mandatory “economic substance” test for any digital asset offering We cannot keep letting fraud paint itself as “innovation.” Innovation produces usable goods. Crypto has produced bubbles, pump-and-dumps, wash trading, and Ponzi schemes — and a massive consumer loss ledger. Congress needs to stand with Americans — not with unregulated offshore casinos run on blockchains. The United States must divest from crypto scams — and reinvest in real technology that builds actual American strength.