Financial Policy Advocate, Public Citizen. Views expressed do not necessarily reflect those of Public Citizen. Chief investigator, US Senate. Teamsters
MT @ErikSherman "Federal financial regulators have been working to cut back restrictions on banks, publicly held companies, and financial representatives." https://t.co/X5PCNcrYSI
Let’s run the timeline:
Feb 10: Trump quietly buys $5M in Dell stock
Feb 19: Trump tells rally crowds to “go out and buy a Dell”
May 27: Pentagon awards Dell a $9.7 BILLION contract
But his “only interest is in the American people?” Sure.
“He is one of the great legislators of the Congress, certainly of his generation and ranking among the best in history,” Thomas E. Mann, a senior fellow in governance studies at the Brookings Institution, said in a 2021 interview for this obituary. https://t.co/yDDdS9tRs4
Crypto is on the verge of accomplishing an unprecedented act of legislative piracy — writing its own legal framework in an otherwise stalled out Congress with sweeping implications for all of American finance.
I wrote about the money that brought us here and what it means:
FTX did not flee “regulatory uncertainty.” It fled the SEC. Ahead of tomorrow’s Senate Banking markup, my latest explains why the Bahamas already had crypto “regulatory clarity” & why current market structure legislation risks repeating the same mistake: https://t.co/MZfasFTLzD
Around midnight, @BankingGOP unveiled new crypto legislation.
Among other flaws, it will turbocharge the massive conflict of interests posed by Donald Trump and his family's crypto ventures.
No bill should move through the Banking Committee without real ethics guardrails.
The Trump family's crypto hustle isn't just shady. It's tangled up with a company that pleaded guilty to helping Iran dodge sanctions.
War abroad, profits at home? How convenient.
The conflict of interest alarm bells couldn't be any louder.
I have a new paper out w/ @Miercoles_Hays from @RealBankReform on the @CEA47 's flawed stablecoin report & the problems w/ the compromise text on third-party stablecoin "rewards" from @SenThomTillis & @alsobrooks. Community banks are in serious trouble: https://t.co/HKCyNKZt23