Oppose CLARITY Act and RFIA - Protect Consumers and Financial Stability

I am writing to urge you to oppose the CLARITY Act (H.R. 3633) and the Responsible Financial Innovation Act (RFIA) when they come before the Senate in the coming weeks. While these bills are presented as cryptocurrency regulation, they would actually create dangerous loopholes that benefit billionaires and bad actors while putting everyday Americans at risk. The CLARITY Act, which passed the House over the summer with support from 78 House Democrats, would allow major corporations like Tesla and GM to self-certify their stocks as crypto tokens. This would enable them to dodge SEC oversight, disclosure rules, and investor protections that currently safeguard pensions and retirement accounts. Our financial stability depends on maintaining these critical protections, not dismantling them for corporate convenience. Both bills would permit FDIC-insured banks to operate like crypto hedge funds, holding volatile collateral that could put taxpayers on the hook for losses. We saw the consequences of inadequate banking oversight during the 2008 financial crisis. We cannot afford to repeat those mistakes by allowing banks to take on excessive risk with public backing. These bills also fail to close money laundering and sanctions evasion loopholes, creating a backdoor for criminals and foreign adversaries to access the U.S. financial system. This poses serious national security threats that proper regulation should address, not enable. Without adequate safeguards against anonymous and foreign donations through cryptocurrency, these bills would facilitate corruption and undermine the integrity of our financial system. I ask that you oppose both the CLARITY Act and RFIA. Please support genuine cryptocurrency regulation that protects consumers, maintains financial stability, and closes loopholes for money laundering rather than legislation that serves corporate interests at the expense of ordinary Americans.