Senate Crypto Bill – Not Just Bad for Crypto Investors

Most Americans don't trust crypto and don't plan to engage with it at all. That's probably why so few are paying attention to Congress's bipartisan effort to deregulate crypto markets. Most of us have heard more about crypto than we ever wanted to.

Unfortunately, in Congress's haste to satisfy the crypto industry, Senators are rushing legislation that could deregulate all investment markets - not just crypto. The same markets where American workers expect their retirement savings to be safe. This bill will undercut investor and consumer protections, dating back to the Great Depression. Even more surprising, a handful of Senators that have previously championed consumer and investor protections are planning to support this dangerous and deregulatory legislation.

Call your Senators now and tell them to oppose the CLARITY Act.

• The CLARITY Act puts retirement savers at risk by deregulating investment markets and granting crypto products exemptions from critical investor and consumer protections.
  

• The CLARITY Act prevents state regulators from protecting their constituents by overriding state laws with weaker federal standards.
  

• The CLARITY Act grants crypto companies the ability to offer products that look like bank accounts but don't come with the same consumer protections or deposit insurance.
  

• The CLARITY Act lets crypto companies lure consumers in with too-good-to-be-true interest rates, putting their savings, as well as small business and farm lending, at risk.
  

• The CLARITY Act allows Wall Street banks to go back to the risky practices that caused the 2008 financial crisis just by claiming they're using crypto technology.
  

• The CLARITY Act makes it harder for state and federal law enforcement to track down and prosecute crypto fraud for everything from ransomware attacks to romance scams.