This Bipartisan Crypto Bill Could Make Trump Family ‘Vanderbilt-Level Rich’
The U.S. Congress is working on a dangerous gift for Trump and the crypto billionaires buying elections.
As Donald Trump loots the U.S. Treasury Department and wages an illegal war in Iran that is devastating Americans’ finances, Congress is preparing a risky new gift for the Trump family and the billionaire crypto executives who are buying U.S. elections.
If lawmakers were to pass the bipartisan crypto legislation moving through the U.S. Congress without also reining in Trump’s crypto graft – the bill contains no such restrictions now – it “could make the Trump family Vanderbilt-level rich if they play their cards right,” says Mark Hays, who leads crypto policy at Americans for Financial Reform and Demand Progress Action. “It just opens up many opportunities for them to leverage their political and business connections, and their control over the regulatory apparatus, to position their companies to make billions more.”
On May 14, the Senate Banking Committee passed the Clarity Act, legislation that would place light-touch regulations on cryptocurrencies and crypto platforms, and encourage banks to invest in, trade with, or speculate on risky crypto assets. The bill would also allow crypto firms to sell tokenized assets that supposedly mirror or represent specific stocks – without the regulations that a company must go through to register or offer a stock.