House Caves to Crypto Lobby, Fails to Stop Trump’s Grift

Today, the House passed a package of bills to promote cryptocurrency. This includes the Genius Act, a bill dealing with a type of cryptocurrency called a stablecoin. President Trump recently introduced a stablecoin (the Trump meme coin) with an infusion of $2 billion from a middle eastern sovereign wealth fund. Since the Senate already passed the Genius Act, it will become law with Trump’s signature.

Bartlett Naylor, a financial policy advocate for Public Citizen, issued the following statement condemning the passage of the bill:

“Today, House members piled venality onto perversion onto corruption. In approving this crypto-enabling bill, Congress surrendered to the onslaught of crypto political spending and legitimized the world’s biggest Ponzi scheme.

“To add insult to injury, they also forfeited an opportunity to stop Trump’s massive crypto grift, some of the most heinous and flagrant corruption in American presidential history.”