Hey @Sen_Alsobrooks - along with every Democrat who argues they canโt vote for the Clarity Act unless state Attorneys General are in charge of the ethics enforcement: Youโre suggesting is whatโs unserious.
Iโve never been shy about criticizing this President when I think heโs gotten it wrong, including on crypto policy, where Iโve pushed back on positions I believed were bad for retail investors and market integrity. But on this specific question, the Democratsโ insistence on state Attorneys General enforcement doesnโt hold up.
The CLARITY Act is federal legislation establishing a federal regulatory framework for digital assets. The Department of Justice - not fifty different state AGs with fifty different political incentives and fifty different interpretations - is the appropriate body to enforce federal law.
Handing enforcement to state AGs invites exactly the kind of inconsistent, patchwork application that makes it harder for legitimate market participants to know what the rules actually are, while opening the door to the kind of politicized targeting weโve already seen state AGs use against industries and individuals they simply disagree with.
If Democrats are serious about consumer protection in crypto markets, they should want uniform, predictable federal enforcement - not a system where enforcement varies depending on which state youโre in and which party controls that AGโs office.
Currently, there are no restrictions on government officials issuing meme coins, NFTs, or other cryptocurrencies. FTX happened in part because of the lack of regulatory clarity in America and retail investors lost big time going offshore.
Make no mistake about it: voting no comes down to not wanting Trump to take a legislative victory lap shortly before the midterms. Period. And itโs disgusting, un-patriotic and hurts the people youโre claiming to want to protect.
@xrpmemeguy If the clarity act being passed doesnโt move us in the right direction with utility adoption and more value for XRP then tell me what we get told is the next driver we will be fed.