Let me get right to the point. 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 says blockchain technology and digital assets will foster innovative companies, create new payment systems, strengthen small businesses, generate wealth, and expand opportunities for younger Americans.
Bullsh*t. There’s no evidence of these benefits. Even if crypto did any of these things, crypto’s costs and risks significantly exceed them.
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.
VOTE NO on the misleadingly named Clarity Act.
Source: Robert Reicht 7-16-26
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