@Sen_Alsobrooks I love you & have supported you alongtime senator but you & your constituents have been ill advised on this industry.
The crooks still going make their money, Trump has made astronomical amounts because of this misguided thinking and continue 2 make more. The PEOPLE r sidelined
This afternoon, Senate Democrats proved they were never truly serious about protecting consumers and preserving American leadership. I sat at the table with Senate Democrats working in good faith to get this done while they played games.
For over a year, they presented demands and the second we met them, they made new demands and moved the goal posts. Today they voted against real limitations on politicians’ personal crypto investments. They voted against protecting American consumers from the scammers and fraudsters this bill would have shut down. They voted against American leadership, and handed China and every one of our foreign competitors exactly what they wanted. Democrats chose politics over the American people—again. That’s not leadership on their part, that’s surrender to their radical, socialist base.
The once-proud Democratic party is anti-consumer and pro-illicit finance, anti-ethics, anti-free enterprise, anti-worker, anti-livable wage jobs, and pro-socialism. The Democrats are now anti-American. Sad!
it’s easy to look at the headlines about the clarity act stalling and think it’s all over.
however, if you look beyond the doom and gloom, it’s not hard to see how this is a blessing in disguise.
here’s why it’s actually a golden opportunity for long-term bulls:
1/ the SEC and CFTC now have a chance to make far more favorable rules
the clarity act was by no means perfect. and getting an imperfect bill passed would take decades to fix.
without a rigid bill, the SEC and CFTC can create rules that adapt in real-time as technology evolves.
2/ fairer regulation, with less lobbying from big banks
congressional bills are often swayed by massive lobbying from financial institutions with their own interests.
the SEC and CFTC can now put their own independent rules and regulation in place, free from the influence of big banks.
3/ more innovation and rules that make america the crypto capital of the world
the clarity act included multiple arbitrary rules such as proposing that anyone holding 20% of voting power disqualified a project from being "decentralized".
these rigid rules would put a damper on innovation. now, the agencies can and will be able to implement much more favourable rules for companies building groundbreaking new tech (ie safe harbours, exemptive relief etc).
@kwok_phil and i look forward to meeting with the SEC and CFTC this week in DC to talk about all the above and more!
@SenTimKaine voted nay and come on X to deepen his stupidity.
You’re trying to protect your 401k and old money and investments. You don’t care about consumers. Anybody drinking these dudes kool aid deserves nothing this industry will provide.
10yrs from now, Democrats who voted against this bill may be remembered differently.
Trump gets paid either way in a game with no clear rules. They didn’t 🛑Trump & Co.They stopped regular people without inside information or power from having a clearer path to wealth creation.