🚨NEW: JPMorgan CEO Jamie Dimon took aim at the Senate's crypto market structure bill today, arguing it "doesn't do anything for AML/BSA" and provides "almost no legal protections."
When asked for comment, a spokesperson for @SenLummis told me:
"The banks can’t deal with a bipartisan compromise on stablecoin yield and are making completely false claims about BSA/AML as a last ditch attempt to poke holes in a solid piece of legislation that protects consumers. Fear of competition always brings out an interesting side of people and that’s all this is.”
@moonpay Is the MoonPay intern trying to be different by using this clip that set everything in motion in GoT instead of the King Theoden "So it begins"?
News: Sen. Kennedy tells Semafor he will vote for the crypto market structure bill tomorrow in Banking Committee, meaning it will get out of committee regardless of what Dems do. More TK
- He says he has a deal with Chairman Scott on "creating fiduciary duty for people within the crypto world” and adding his Build Now Act housing bill with Sen. Warren
- He met with President Trump on Monday about the Road to Housing bill: "He's agreed to try to help with the overall housing bill with the couple of House members who are holding it up”
- He says he’ll listen to Dem crypto amendments tomorrow but “I'm told there won't be an ethics provision. The chairman doesn't believe we have jurisdiction.” Still says it’s important and might get added on the Senate floor
@DelCrxpto Actually, I'll take that deal. Pass Clarity as-is with current stablecoin yield, no ethics provisions and reject all the 100+ amendments. Then you can have your $25/hr.
I've spent my life in arenas where hesitation costs you – markets, a cockpit, the wrestling mat. The lesson is always the same: cede the center of the ring and you don't get it back. That is the risk the Democratic Party, my party, is running today on crypto.
I have voted for Democrats most of my adult life, and I will again. I am writing this because I root for my party, and because, on the technology that will shape American power in this century, the loudest voices on our left are about to hand the future away.
Pass the CLARITY Act. This is how America wins.
@plx12024@InvestWithD I agree for the most part but remember they threw that housing bill in there bc D's want that. If they want too many ethics provisions etc.. the housing language comes out and they can try to pass it as a standalone.
As a former head of a crypto trade association, I have some advice for bank lobbyists: upgrade your technology – and your advocacy.
Public debate on X is a superpower. It allows for solutions to complex problems to be widely scrutinized and vetted. It also communicates support to our champions. And it activates the millions of passionate crypto users and builders who deserve a voice in Washington.
Transparency is why crypto is winning.
https://t.co/0QDryNUI8I
From PBN Midday: Crypto ethics meeting did not appear to go so hot. Sen. Moreno (R-Ohio) said it was a “circus” and said Dems were “making up bullshit excuses”
Gallego (D-Ariz.) replied Moreno “is prone to exaggeration”
This Thursday, the Senate Banking Committee and I will vote on the CLARITY Act.
We’re voting on a bill that protects consumers, gives digital asset innovators certainty, and keeps the future of crypto in America, not offshore.
Let's get this done.
On behalf of more than 2.9 million U.S. advocates, @StandWithCrypto is notifying Senators that it will score the Senate Banking Committee’s May 14th markup vote on the CLARITY Act.
SWC strongly urges Senators to vote “Yes” to advance the bill out of committee. Please note that lawmaker scores will be updated based on these recorded votes.
For years, SWC advocates have championed market structure legislation, contacting lawmakers nearly 1.5 million times. Because market structure directly impacts their economic security and daily lives, these constituents are counting on their Senators to stand with them.
SWC appreciates the thoughtful, bipartisan effort invested in this legislation.
I specifically requested the attendance of Mr. Nichols and other bank trade CEOs at the meetings we hosted back in February to resolve the stablecoin rewards/yield issue. They refused. I guess the White House was beneath them?
In their defense, I wouldn’t want to have to defend their position in public either.
🚨 The banking cartel is in full panic mode. 🚨
While Americans were celebrating Mother’s Day with their families, the CEO of the American Bankers Association sent a frantic alert to every bank CEO in the country, demanding “immediate engagement” to lobby Senators and kill stablecoins that would finally let everyday Americans earn real yields on their own money.
This line in the letter sticks out: “we believe committee members may not be fully aware of the risks to the economy by the stablecoin loophole.” That’s both intellectually dishonest and simultaneously demeaning. First, there is no “loophole.” This entire issue was litigated during the GENIUS Act debate. @BillHagertyTN worked tirelessly on this issue and this statement is an insult to his and others work.
For decades, these banks have treated your deposits like their personal piggy bank, paying you next to nothing while lending YOUR money out for massive profits and executive bonuses.
During the Biden era, these same banks worked hand-in-glove with @SenWarren and her allies to debank Americans, including President Trump’s own family. They shut down accounts of conservatives, patriots, and anyone who dared challenge the regime, all while regulators applied pressure under schemes like Operation Choke Point 2.0. It wasn’t about risk. It was about political control.
Now that innovative stablecoins threaten to break their monopoly and give you actual financial freedom? They’re running to Congress again, screaming about “threats to economic growth and financial stability.”
Translation: Protect the racket at all costs.
The Senate Banking Committee votes on landmark crypto legislation this Thursday.
As a member of that committee, my message is clear:
Hands off the people’s money. Let Americans choose real competition and better returns. No more shielding Wall Street from the future. The banking elite’s days of rigging the system and debanking their political enemies are over. Innovation, freedom, and the American people will win.
I’m voting to break the cartel.