AFL-CIO (largest labor union in U.S.): So-called CLARITY and GENIUS Acts “pose risks to both retirement funds and to the overall financial stability of the U.S. economy.”

“We need to make sure that the financial system is stable instead of creating a casino for crypto billionaires to make more profits”

For weeks, House Financial Services Ranking Member Maxine Waters has sounded the alarm on the grave dangers the so-called CLARITY and GENIUS Acts will pose to our financial system. These bills throw hardworking Americans under the bus, putting them at risk for a future financial crisis—all to legitimize Donald Trump’s crypto scams. As part of Committee Democrats’ “Anti-Crypto Corruption Week” efforts, Waters’ published an MSNBC op-ed warning of the dangerous consequences of passing these bills, blasted the bills during her Rules Committee testimony, during yesterday’s hearing, she highlighted how these bills threaten to trigger another 2008-style financial crisis, and this morning she led Committee Democrats in a press conference urging a “no” vote on the crypto bills.

That’s not all. Every day this week, Waters and Committee Democrats are shining a light on different aspects of Trump’s crypto schemes, including his $Trump memecoin scam, World Liberty Financial grift, and more.

But it’s not just Waters and Committee Democrats who oppose these bills. Major organizations representing labor, consumer, anti-corruption, financial reform, and community banking interests also recognize the dangers. The only responsible action is to vote no on these bills.

What the Groups Have to Say:

Opposition letters and explainers from organizations representing a wide range of interests.

• American Federation of Labor & Congress of Industrial Organizations (AFL-CIO): AFL-CIO is SCORING these bills. Opposition Letter to GENIUS and CLARITY linked here.
  
• Americans for Financial Reform: One Pager on CLARITY; How CLARITY is Worse than FIT 21; Two Pager on GENIUS; Enabling the Crypto Billionaires Explainer; Coalition Letter in Opposition to the CLARITY Act (82 groups oppose).
  
• Transparency International: Sign on Letter on GENIUS and CLARITY attachment; Sign on GENIUS CLARITY Amendments letter linked here.
  
• Better Markets: Crypto Polling Fact Sheet linked here; Better Markets CLARITY Explainer; Voters Do Not Support Crypto’s Congressional Agenda.
  
• Independent Community Bankers of America (ICBA): Letter urging members to consider key issues that could result in community bank disintermediation and harm access to credit in local communities.
  
• Public Citizen: Letter Urging No Vote on Crypto Bills linked here.
  

What the States Have to Say:

State Securities Agencies are responsible for investigating and pursuing enforcement actions against financial fraud and securities law violations occurring within their states—including digital asset fraud.

• North American Securities Administrators Association, Inc. (NASAA): Letter to Speaker Johnson and Democratic Leader Jeffries Urging NO Vote on CLARITY.
• State Securities Administrators from Alabama, California, Delaware, Georgia, Hawaii, Indiana, Maine, Maryland, Minnesota, Mississippi, Montana, Nebraska, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Utah, Vermont, Washington, West Virginia, and Wisconsin: Letter to House Committees on Financial Services and Agriculture Chairs and Ranking Members Requesting Preservation of State Antifraud Enforcement Authority in Market Structure Legislation linked here.
  
• Conference of State Bank Supervisors: Letter on Critical Amendments Needed for Digital Assets Legislation linked here.
  
• Office of the New York Attorney General, Attorney Letitia James: Letter on CLARITY Act linked here.
  

For Further Reading on Trump’s Crypto Corruption and Conflicts of Interest

• Forbes: This Is How Much Trump Has Made From Crypto—So Far
  
• Forbes: Trump’s Crypto Firm Raised $52 Million—Likely Sending Millions To His Family, New Disclosure Reveals
  
• The Atlantic: America Has Never Seen Corruption Like This
  

These letters and resources illustrate the risks of this dangerous legislation, and Ranking Member Waters has been using every tool at her disposal to oppose these bills at each stage of the legislative process: She introduced her “STOP Trump in Crypto Act,” led Committee Democrats in a walkout and shadow hearing following Republicans’ refusal to include provisions in their crypto bill blocking Trump’s crypto crimes, convened a Democratic-hearing to sound the alarm on Trump’s growing crypto crimes, and during markup, offered several amendments to lessen the harm of the bills, and more. Unfortunately, Republicans managed to push these bills through to the floor anyway.

The only remaining solution to stop Trump’s crypto grift and protect consumers? Vote NO on the so-called CLARITY and GENIUS Acts.

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