We must reinforce United States leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets

“The SEC's reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance,” said Paul Grewal, Coinbase’s chief legal officer and general counsel, who said the solution will be action from Congress. “In the meantime, we’ll continue to operate our business as usual.

Regulator’s choice not to challenge Grayscale Investments’ Court of Appeals win among the bullish signs for eventual spot bitcoin ETF approval

Cryptominers’ high energy consumption has negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country (OSTP 2022). Pollution from electricity generation falls disproportionately on low-income neighborhoods and communities of color (Thind et al. 2019). Cryptominers’ intensive and often volatile power consumption also can push up electricity prices for consumers and can increase risks for local electrical grids—straining equipment, causing service interruptions and safety hazards (Chelan County 2018). Yet because cryptomining is geographically mobile and the stability of the business model remains unclear, local utilities also face financial risks if they invest in upgrading capacity that may not be needed if mining activity ceases or moves away.

The environmental impacts of cryptomining exist even when miners use existing clean power. For example, in the case of communities with hydropower where cryptomining operations are often located, increased electricity consumption by cryptominers reduces the amount of clean power available for other uses, raising prices and increasing overall reliance on dirtier sources of electricity.

Alongside these known costs and risks, cryptomining does not generate the local and national economic benefits typically associated with businesses using similar amounts of electricity. 

I’m also proposed closing over a dozen special interest tax loopholes for Big Oil, crypto traders, hedge fund billionaires — saving taxpayers billions of dollars

Joe Biden

Pres.

The former president and leading Republican candidate for next year’s election held $2.8 million in a cryptocurrency wallet as of early August, according to official documents governmental ethics watchdog Citizens for Responsibility and Ethics in Washington received Monday. He also earned $4.87 million in licensing fees from his non-fungible token collection, per the filing. Trump, despite being a crypto skeptic when he was president, last year debuted a non-fungible token (NFT) project called Trump Digital Collectible Cards sporting images of himself. He released a second series of collectibles this April. Both collections sold out.

Although Trump said he was "not a fan" of cryptocurrency in July 2019, he appeared enthusiastic to promote his new collection. "GET YOUR CARDS NOW! Only $99 each! Would make a great Christmas gift. Don’t Wait. They will be gone, I believe, very quickly!" he wrote in a post on his platform.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....

Donald Trump

Nikki Haley

National political figures

Vivek Ramaswamy took the stage at Messari’s Mainnet crypto conference on Wednesday evening and announced plans to release a “comprehensive crypto policy framework” by Thanksgiving

The shadow government in D.C. is out of control &amp; the federal courts are our *only* remaining line of defense against the unlawful rogue behaviors of 3-letter government agencies. This decision is strong and clears a path to keep Bitcoin &amp; blockchain innovation in the U.S.… https://t.co/kN0ARJsxSg https://t.co/FsykKyQEVG

This is such a dumb game the media &amp; shallow career politicians play. Guess what? I have volunteers on my campaign whom I don’t agree with on everything. Bruce Fenton is right on Fed policy, Bitcoin, individual liberty, and dismantling the administrative state. Turns out he’s… https://t.co/EiXUPKTSe7 https://t.co/Ah3RALLtet

Litmus test for every Presidential candidate: commit to opposing CBDCs in the U.S. Period.

Shouldn’t be controversial for any Republican, just basic table-stakes.

And if any candidate hesitates on this one, then skip ‘em and move on to the next one.
@ShawnRyan762 https://t.co/1iWXI7W6MF

RT @philrosenn: @VivekGRamaswamy in the house at Mainnet talking crypto, regulation, and running for president https://t.co/Kar6topmS7

RT @EleanorTerrett: 🚨OVERHEARD at @MessariCrypto #Mainnet2023: Presidential candidate @VivekGRamaswamy says he plans to have a comprehensiv…

Vivek Ramaswamy

This kind of thing partly explains the appeal of Bitcoin. Our freedom to transact and save should not be at the mercy of political enforcers. No payment platform should be allowed to discriminate against people for exercising their right to free speech.

Looking forward to joining this Twitter Space tomorrow with leaders of the #Bitcoin community!

@MartyBent @natbrunell @scottmelker @1MarkMoss @Breedlove22

 https://t.co/AjTud9aLI5

Interesting argument that bitcoin not so bad for the environment after all. At the very least, environmental argument should not be used as smokescreen to curtail freedom to transact. #Kennedy24

https://t.co/0BNbIJ9eoD

RT @scottmelker: We will be discussing freedom, money, $BTC, CBDCs, privacy and more with @RobertKennedyJr on July 26th at 2 PM EST. 

Join…

As president, I will make sure that your right to use and hold Bitcoin is inviolable. Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more… https://t.co/NUuJRutFlt https://t.co/rPkMARieYu

Robert F. Kennedy Jr

Biden's war on bitcoin and cryptocurrency will come to an end when I am presiden

Both the Trump and Biden administrations have pursued a Central Bank Digital Currency. I will not; in fact, I will ban it — just as I did in Florida.

A CBDC is a massive threat to American liberty. It would allow the federal government to surveil all your purchases and control… https://t.co/b2mSL72AWd https://t.co/2pRo39r1fB

RT @GovRonDeSantis: No CBDC in Florida https://t.co/p9pwSTmrlN

Ron DeSantis

Gov.

Two years ago, Congress directed @USTreasury and @IRSnews to write new tax rules for crypto. We're still waiting. Wealthy tax cheats and crypto brokers continue to game the system due to loopholes, and it should be easier for investors to file their taxes.

Bitcoin mines are increasing energy bills for millions of American families while enriching crypto executives — and causing as much pollution as an additional 3.5 million gas-powered cars. An alarming @nytimes report.

In 2018, Signature Bank lobbied for looser bank regulations and celebrated when they got them. Weak rules and overreliance on crypto led to the bank's collapse. They owe the public an explanation for the economically disastrous outcomes they've caused.

As the bank of choice for crypto, Silvergate Bank's failure is disappointing, but predictable. I warned of Silvergate's risky, if not illegal, activity—and identified severe due diligence failures. Now, customers must be made whole & regulators should step up against crypto risk.

More evidence that crypto is the currency of choice for illicit finance—including by Russians looking to evade sanctions. My bipartisan bill would crack down on rogue states and criminals using crypto to move dirty money. Congress needs to pass it.

This action by @USTreasury and @TheJusticeDept is an important step in the fight against crypto money laundering. I have a bipartisan bill to give regulators the resources they need to continue going after criminal crypto operations—wherever they are.

I’ve warned about connections between the banking industry and cryptocurrency firms risking the safety and soundness of the financial system. I’m glad regulators agree. They must use every tool available to protect our economy from crypto risks.

FTX's collapse revealed that shady crypto firms and banks have close ties. We must make sure crypto doesn't jeopardize our banking system and potentially harm millions of Americans. @SenTinaSmith and I are seeking answers from regulators.

FTX’s collapse should be a wake-up call. @SECGov,@TheJusticeDept & @USTreasury should use their expansive authority to crack down hard on crypto fraud. Congress must close loopholes & back up these financial cops on the beat with more resources.

My oped:

I've been ringing the alarm that the crypto industry is rife with fraud—this  @CFPB report confirms it. Crypto platforms are failing to help consumers even when they lose their life savings. We need stronger rules to ensure consumers are protected.

"As the demand for cryptocurrencies grow, I’m urging @SecYellen and the Financial Stability Oversight Council to address crypto’s risks and regulate the market to ensure the safety of consumers and stability of our financial system."

"There’s a crypto-sized hole in our bucket of sanctions against Russia. I’m working on plugging that leak to make sure Russian oligarchs feel as much pressure as possible."

"Investing in cryptocurrencies is a risky and highly speculative gamble, and @Fidelity's plans to allow Bitcoin investments in Americans' retirement savings plans are a big mistake. 

@SenTinaSmith and I want answers."

"Ordinary investors thought stablecoins were safe, but it turns out they aren’t so stable after all. The TerraUSD crash is a stark reminder that we need rules of the road to protect Americans from losing their life savings in volatile and risky crypto."

"Smart move by @USTreasury to sanction this major Russian crypto exchange and go after criminals trying to evade sanctions. 

I've been ringing the alarm on this, and Congress needs to pass my bill so Treasury has more tools to get the job done."

"Cryptocurrency scams are on the rise, leaving consumers with their money gone and no way to get it back. 

Regulators and Congress need to step up to put guardrails around the crypto market and protect consumers before it's too late."

"Criminals can use cryptocurrency to move money in the shadows, opening a door for Putin & his cronies to evade economic sanctions. I want answers from @USTreasury on how they'll ensure crypto doesn’t undermine our response to Russia's invasion of Ukraine."

"I've been ringing the alarm bell on crypto, from consumer protection to the environment to national security—especially since Russian elites can use digital assets to undermine sanctions. 

@POTUS is right to spotlight crypto’s risks and we need strong rules before it’s too late."

"Bitcoin mining's energy use has more than tripled since 2019, consuming as much energy as entire countries. It's even driving up electricity costs and harming local environments.

I want six cryptomining companies to provide answers on their impact."


"Cryptomining has huge environmental costs & is raising energy prices for consumers. Bitcoin alone consumes as much energy as Washington state. I'm calling on Bitcoin  company @Greenidge_GREE to provide information on its operations & environmental impact."

"Stablecoins pose risks to consumers & to our economy. They’re propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late."

"The crypto industry claims that crypto is the path to financial inclusion, but bitcoin ownership is even more concentrated within the top 1% than dollars. We need real solutions to make the financial system work for everyone, not just the wealthy."


'Bitcoin mining consumes roughly the same amount of electricity as Washington state—putting pressure on our power grids and worsening the #ClimateCrisis. We need to protect our planet and crack down on environmentally wasteful crypto mining practices."

"In the face of high and unpredictable crypto fees, small investors could easily get jammed & wiped out. I told SEC Chair @GaryGensler that regulators need to step up to address crypto's regulatory gaps and ensure we're building the inclusive financial system that we need."

"In his response to my letter, @GaryGensler says cryptocurrency platforms lack adequate protections for investors. @SECGov needs to take action wherever it can, and I’m going to make sure that Congress steps up, too."

"Cryptocurrency is the wild west of our financial system and desperately needs rules of the road to protect investors and our economy. I’m glad SEC Chair @GaryGensler agrees, and I’m going to keep pushing our regulators to act."

"Cryptocurrency exchanges don’t have the same commonsense regulations as traditional securities exchanges to protect consumers from scams or manipulation. I’m asking the SEC to explain how it can close the regulatory gaps & ensure a safe crypto marketplace."

"Cryptocurrencies’ promises to solve the problems in our banking system haven’t come to pass, but Congress and federal regulators can’t hide out and hope crypto will go away. It won’t. It’s time to confront these issues head on."


"Digital currencies offer a lot of potential advantages over cash – but they need to be secure, stable, and accepted everywhere. A digital currency issued and backed by the Federal Reserve could provide the advantages of cryptocurrency without these risks."

"Bitcoin requires so much computing activity that it eats up more energy than entire countries. One of the easiest and least disruptive things we can do to fight the #ClimateCrisis is to crack down on environmentally wasteful cryptocurrencies."

Bitcoin mining consumes roughly the same amount of electricity as Washington state—putting pressure on our power grids and worsening the #ClimateCrisis. We need to protect our planet and crack down on environmentally wasteful crypto mining practices. 
https://t.co/ChKYcD82gH

RT @BloombergTV: TUNE IN: We're talking cybersecurity, GameStop earnings and chatting crypto with Sen. Elizabeth Warren on BTech today.

Wa…

I'll be speaking soon with @Mitchellreports on @MSNBC about my new bill to ensure crypto isn't used by Putin and his cronies to undermine our economic sanctions. Hope you'll tune in! 
https://t.co/H8iTnA5Ulw

I've been ringing the alarm bell on crypto, from consumer protection to the environment to national security—especially since Russian elites can use digital assets to undermine sanctions. 

@POTUS is right to spotlight crypto’s risks and we need strong rules before it’s too late.

Consumers shouldn't have to subsidize cryptomining's profits and exorbitant energy use, which rivals that of entire nations.

I'm working with @RepAlGreen to get answers about the risks cryptomining poses to the climate, grid, and energy bills.
https://t.co/DaJ1ld6msp

Bitcoin requires so much computing activity that it eats up more energy than entire countries. One of the easiest and least disruptive things we can do to fight the #ClimateCrisis is to crack down on environmentally wasteful cryptocurrencies. https://t.co/derGr1bjuq

This action by @USTreasury and @TheJusticeDept is an important step in the fight against crypto money laundering. I have a bipartisan bill to give regulators the resources they need to continue going after criminal crypto operations—wherever they are. https://t.co/65VOuGcdDf

The crypto industry claims that crypto is the path to financial inclusion, but bitcoin ownership is even more concentrated within the top 1% than dollars. We need real solutions to make the financial system work for everyone, not just the wealthy.
https://t.co/8OiHwZEBUz

Weak rules and loopholes allow criminals to launder money through shady real estate deals, digital assets, private equity and hedge funds. I'm glad @POTUS plans to crack down on corruption and illicit finance, and hold bad actors accountable.
https://t.co/RTaPEdIFeI

As the demand for cryptocurrencies grow, I’m urging @SecYellen and the Financial Stability Oversight Council to address crypto’s risks and regulate the market to ensure the safety of consumers and stability of our financial system. https://t.co/1bfW22KcJY

I've long urged @TheJusticeDept to hold corporate executives personally accountable when their companies break the law.
 
Crypto executives who break the law are just like any other crooks. If Sam Bankman-Fried committed fraud, then federal prosecutors should send him to prison.

In the face of high and unpredictable crypto fees, small investors could easily get jammed &amp; wiped out. I told SEC Chair @GaryGensler that regulators need to step up to address crypto's regulatory gaps and ensure we're building the inclusive financial system that we need. https://t.co/P355G8Y1ro

In 2018, Signature Bank lobbied for looser bank regulations and celebrated when they got them. Weak rules and overreliance on crypto led to the bank's collapse. They owe the public an explanation for the economically disastrous outcomes they've caused. 
https://t.co/WRYuO0PkiJ

More than $2 TRILLION in value has been wiped out in the highly speculative crypto market—that means losses for ordinary Americans, and potential risk for the entire financial system. I’ve urged @SecYellen to strengthen oversight to protect the economy.
https://t.co/NKvDWSgo5m

Check out my conversation with @danpfeiffer on @PodSaveAmerica.
 
We spoke about Putin's war in Ukraine, sanctions and crypto, lowering costs for Americans, and why @POTUS should #CancelStudentDebt.
https://t.co/YIyOmYhb7u

RT @danpfeiffer: New @PodSaveAmerica with @SenWarren talking about Ukraine, student debt relief, crypto, and how to crack down on Russian O…

This fine is further proof that the crypto industry allows countries like Iran to evade economic sanctions and emphasizes the need for congressional action. I've proposed a bill to bolster @USTreasury tools so crypto doesn’t undermine US national security. https://t.co/bSPQ0fQpIy

Digital currencies offer a lot of potential advantages over cash – but they need to be secure, stable, and accepted everywhere. A digital currency issued and backed by the Federal Reserve could provide the advantages of cryptocurrency without these risks. https://t.co/atfgiw1Uit

Cryptocurrency exchanges don’t have the same commonsense regulations as traditional securities exchanges to protect consumers from scams or manipulation. I’m asking the SEC to explain how it can close the regulatory gaps &amp; ensure a safe crypto marketplace. https://t.co/82E7TOv0Z7

RT @CNN: Senator Elizabeth Warren, a longtime crypto critic, warned recent turbulence in the digital asset space will only continue unless…

Rogue nations, oligarchs and drug lords are using crypto to launder billions, evade sanctions and finance terrorism. My bipartisan bill puts common-sense rules in place to help close crypto money laundering loopholes and protect our national security.
https://t.co/n69LZfX8zX

I have a plan (and a bill!) to strengthen our sanctions.

We cannot allow the use of crypto to undermine sanctions against Putin's war in Ukraine.
https://t.co/la6AQX6GaM

We can't allow Putin &amp; his cronies to hide their wealth &amp; evade economic sanctions using cryptocurrency. My new bill w/@SenJackReed, @MarkWarner, @SenatorTester &amp; colleagues would close this potential avenue for evasion &amp; ensure Russia is held accountable.
https://t.co/EqHsWIKKLS

Smart move by @USTreasury to sanction this major Russian crypto exchange and go after criminals trying to evade sanctions. 

I've been ringing the alarm on this, and Congress needs to pass my bill so Treasury has more tools to get the job done.
https://t.co/vIdWRQZEzH

The collapse of one of the largest crypto platforms shows how much of the industry appears to be smoke and mirrors. We need more aggressive enforcement and I'm going to keep pushing @SECGov to enforce the law to protect consumers and financial stability.
https://t.co/uOPi8MV25J

Cryptocurrencies’ promises to solve the problems in our banking system haven’t come to pass, but Congress and federal regulators can’t hide out and hope crypto will go away. It won’t. It’s time to confront these issues head on. https://t.co/DaYUhM8Z7o

As the bank of choice for crypto, Silvergate Bank's failure is disappointing, but predictable. I warned of Silvergate's risky, if not illegal, activity—and identified severe due diligence failures. Now, customers must be made whole &amp; regulators should step up against crypto risk.

Cryptomining has huge environmental costs &amp; is raising energy prices for consumers. Bitcoin alone consumes as much energy as Washington state. I'm calling on Bitcoin  company @Greenidge_GREE to provide information on its operations &amp; environmental impact. 
https://t.co/KEA9zLDwoI

I've been ringing the alarm that the crypto industry is rife with fraud—this @CFPB report confirms it. Crypto platforms are failing to help consumers even when they lose their life savings. We need stronger rules to ensure consumers are protected.
https://t.co/1roWdN4WqG

.@EPA and @ENERGY have the authority to require that cryptominers disclose their energy use and emissions. It's now time for them to use it. We need full transparency about how cryptomining is impacting our climate and electrical grid.
https://t.co/C758W5O5dA

Bitcoin mining's energy use has more than tripled since 2019, consuming as much energy as entire countries. It's even driving up electricity costs and harming local environments.
 
I want six cryptomining companies to provide answers on their impact.
https://t.co/FmRlC65C8o

The implosion of FTX must be a wake up call for Congress and financial regulators to hold this industry and its executives accountable.
 
Too much of the crypto industry is smoke and mirrors. It's time for stronger rules and stronger enforcement to protect ordinary people.

FTX’s collapse should be a wake-up call. @SECGov,
@TheJusticeDept &amp; @USTreasury should use their expansive authority to crack down hard on crypto fraud. Congress must close loopholes &amp; back up these financial cops on the beat with more resources.

My oped: https://t.co/ARdtun2pAb

Criminals can use cryptocurrency to move money in the shadows, opening a door for Putin &amp; his cronies to evade economic sanctions. I want answers from @USTreasury on how they'll ensure crypto doesn’t undermine our response to Russia's invasion of Ukraine.
https://t.co/bXcuM06Ovx

The Biden administration is right: cryptomining undermines our efforts to combat the climate crisis.

I've been ringing the alarm on this, and will continue pushing regulators to hold cryptominers accountable for their environmental impacts on our planet.
https://t.co/79VTURiGNi

RT @SenJackReed: We can’t let Putin &amp; his cronies use crypto to evade sanctions. Joined @SenWarren @MarkWarner @SenSherrodBrown in urging U…

Important work by @USTreasury to blacklist this crypto mixer for helping North Korean hackers and other cybercriminals launder virtual currencies.

A bold move to protect U.S. national security and ensure criminals cannot evade law enforcement. https://t.co/Q2U1tweYtH

Stablecoins pose risks to consumers &amp; to our economy. They’re propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late. https://t.co/hMOT1HIQgn

200+ government officials have spun through the revolving door to land lucrative lobbying jobs in the crypto industry.

This risks corrupting the policymaking process and undermining the public’s trust in financial regulators.

@RepAOC and I want answers.
https://t.co/cq2MbVQg73

Ordinary investors thought stablecoins were safe, but it turns out they aren’t so stable after all. The TerraUSD crash is a stark reminder that we need rules of the road to protect Americans from losing their life savings in volatile and risky crypto.
https://t.co/aEgxveoGhM

Investing in cryptocurrencies is a risky and highly speculative gamble, and @Fidelity's plans to allow Bitcoin investments in Americans' retirement savings plans are a big mistake. 

@SenTinaSmith and I want answers.
https://t.co/u8Ib0JPj4y

I’ve warned about connections between the banking industry and cryptocurrency firms risking the safety and soundness of the financial system. I’m glad regulators agree. They must use every tool available to protect our economy from crypto risks. https://t.co/AWAZZHjG9Z

If the crypto industry can succeed without stealing from investors or laundering money, that’s great—but we won’t know that until the loopholes are closed and the laws are rigorously enforced. https://t.co/ARdtunk0YL

In his response to my letter, @GaryGensler says cryptocurrency platforms lack adequate protections for investors. @SECGov needs to take action wherever it can, and I’m going to make sure that Congress steps up, too.
https://t.co/7Gvafk7rHz

RT @NBCNews: Sen. Warren is crafting legislation she hopes will make it harder for Russia to use cryptocurrency to evade sanctions. https:/…

RT @econliberties: 1:30PM: We'll kick off an event with @RealBankReform and @SenWarren to examine the rise and fall of the crypto industry…

Cryptocurrency scams are on the rise, leaving consumers with their money gone and no way to get it back. 

Regulators and Congress need to step up to put guardrails around the crypto market and protect consumers before it's too late.
https://t.co/kQOkiFfXgF

RT @SierraClub: 🚨 Congress needs to get serious about crypto's climate harms.
 https://t.co/aGGsEZRqaP https://t.co/DKcnGrYBOq

RT @SenWhitehouse: We have to think hard about how new technology affects our climate. Cryptocurrency mining demands a huge amount of energ…

Cryptocurrencies risk undermining sanctions against Russia, allowing Putin and his cronies to evade economic pain. 

U.S. financial regulators need to take this threat seriously and increase their scrutiny of digital assets. https://t.co/4lCUNcUC29

.@RonWyden and I called on @PCAOB_News to hold auditors accountable for sham crypto audits and I'm glad they're taking this step to protect investors. 

But let's be clear: there's more PCAOB needs to do so consumers aren't left holding the bag when shady crypto firms collapse. https://t.co/cRJxwL2gBL

I’ve been ringing the alarm about the risks that Bitcoin poses to our power grids and climate. @EPA and @ENERGY should use their authority to require cryptominers to disclose their energy use and emissions.

My investigation shows that cryptominers use an exorbitant amount of energy with little to no public disclosure. 

Regulators should require more transparency so all Americans can understand crypto's impact on our local communities and planet.
https://t.co/DKZYZYyyNO

FTX's collapse revealed that shady crypto firms and banks have close ties. We must make sure crypto doesn't jeopardize our banking system and potentially harm millions of Americans. @SenTinaSmith and I are seeking answers from regulators.
https://t.co/MtLsEgWkzd

More evidence that crypto is the currency of choice for illicit finance—including by Russians looking to evade sanctions. My bipartisan bill would crack down on rogue states and criminals using crypto to move dirty money. Congress needs to pass it.
https://t.co/KBfF8XZgIn

Cryptocurrency is the wild west of our financial system and desperately needs rules of the road to protect investors and our economy. I’m glad SEC Chair @GaryGensler agrees, and I’m going to keep pushing our regulators to act. https://t.co/GYovO5Xaba

Bitcoin mines are increasing energy bills for millions of American families while enriching crypto executives — and causing as much pollution as an additional 3.5 million gas-powered cars. An alarming @nytimes report.
https://t.co/MmXUu2eQbE

Sen. Elizabeth Warren 

Sen.

Representative Sherman voted "no" for the Financial Innovation and Technology for the 21st Century Act (H.R. 4763) during it's markup on held on July 26, 2023. 

During the #SBF saga, I said the supporters of #crypto will say that Sam Bankman-Fried was just one snake in a crypto Garden of Eden. But in reality, crypto was a Garden of Snakes.

Since then, we seem to catch another snake every few weeks.

#Celsius

#Cryptocurrency means “hidden money” - its goal is right there in the name. 

Pleased to see @USTreasury propose rules today that require #crypto platforms to report its customers transactions to the #IRS - a measure 
@RepLynch & I urged for earlier this summer.

See our letter ⬇️

It was a pleasure to meet with @SECGov Chair @GaryGensler in my office this afternoon. We discussed a range of issues including Swing Pricing, #Crypto, #ESG Disclosures, and the SEC’s conflict of interest proposal. (1/2)

By the way, over the years I've handed out a quarter of a million combs on the theory that people have more use for them than I do. 

Chair @GaryGensler gets a lifetime guarantee. (2/2)

In today's @FSCDems hearing, I posed questions on #Crypto tax evaders, sanctions for ethnic cleansing by Amhara forces in #Tigray, why our tax system subsidizes investment in #China, and the need for #IMF to support rule of law in #Pakistan.

Watch ⬇️

Today on the House Floor, I spoke out against the outrageous #Republican plan to protect ultra-wealthy tax cheats by defunding the #IRS, and their support for #cryptocurrency, a tool for tax cheaters.

Watch my full speech ⬇️

(1/2) #China fentanyl suppliers use #Crypto because they find the best way to hide from U.S. law enforcement.

(2/2) #CryptoBillionaireBros have a huge financial stake in promoting #Crypto, so they claim it's a transparent payment method, and drug criminals just don't know what they are doing.

Actions speak loudly. Self serving statements, not so much.

"Some say it’s crypto winter. Perhaps it’s #CryptoIceAge. Those who invest in American companies, build America.

Others chose to invest in crypto, whose proponents boast that it will disempower America, making it impossible to enforce sanctions and tax laws and reducing the dollar’s role as the reserve currency."

"Pleased to see @SecPompeo shares my concerns. Pompeo says #cryptocurrency could help terrorists and those engaging in nefarious activity. He could have added tax evasion and sanctions evasion."

"Today I spoke with Treasury Secretary @SecYellen on the importance of the U.S. government doing more to identify and prevent #Russia and its oligarchs from evading sanctions through the private securities market and cryptocurrency. See the exchange below:"

"Today I introduced the Russian Digital Asset Sanctions Compliance Act of 2022, the House companion to legislation recently introduced by 
@SenWarren. (1/2) This legislation represents a significant step towards answering the Ukrainian government’s repeated calls for cryptocurrency exchanges to stop providing services for Russia-based cryptocurrency wallets. (2/2)"

"Desperate to show it believes in privacy, @facebook will build a crypto currency platform to protect the privacy of drug dealers, tax evaders, and terrorists. 1/3 I guess they think it’s ok to mine and sell the privacy of ordinary Americans –- as long as they help terrorists avoid detection and sanctions. 2/3 The world-wide use of the U.S. dollar strengthens the U.S. economy and allows us to sanction rogue nations. Those desperate to weaken the U.S. pray for a crypto-alternative to the U.S. dollar. 3/3"

"Perhaps you can make money and hurt your country at the same time — and perhaps some Members of Congress will applaud your efforts. 

Here’s the real picture: “Bitcoin, it’s not just for narco-terrorists anymore...it’s for tax evaders too.”"

The #Cryptocurrency industry has been a major source of tax evasion & a significant part of the nation's tax gap.

Today I, along with @RepStephenLynch, urged @USTreasury & #IRS to release proposed regulations that would bring the cryptocurrency industry into full tax compliance.

At today's @FSCDems hearing on the #FTX collapse, I detailed the fundamental problems with crypto and why Congress must resist the crypto industry's lobbying efforts. 

"You can't trash Sam Bankman-Fried and then pass his bill." #SBF_FTX

The #Cryptocurrency industry has been a major source of tax evasion &amp; a significant part of the nation's tax gap.

Today I, along with @RepStephenLynch, urged @USTreasury &amp; #IRS to release proposed regulations that would bring the cryptocurrency industry into full tax compliance. https://t.co/VgTlAzrOE4

Today I spoke with Treasury Secretary @SecYellen on the importance of the U.S. government doing more to identify and prevent #Russia and its oligarchs from evading sanctions through the private securities market and cryptocurrency. See the exchange below:
https://t.co/9IW2N4ZNqn

Watch my remarks at yesterday’s @FSCDems Markup on a #cryptocurrency market structure bill dangerously designed to diminish the power of the #SEC to regulate #cryptocurrencies ⬇️
https://t.co/32NGrvXUYN

Today, during an @FSCDems hearing, I highlighted the threats posed to Americans and the U.S. Financial system by #cryptocurrencies. 
https://t.co/oPMFEWyePo

Today I introduced the Russian Digital Asset Sanctions Compliance Act of 2022, the House companion to legislation recently introduced by @SenWarren. (1/2)
https://t.co/maBDK2xkEQ

I joined @CNBC's @CNBCTheExchange to discuss the Fed interest rate decision, #Crypto, #AI and more. 

Watch the full interview ⬇️ https://t.co/0PFeCRBRPQ

Others chose to invest in crypto, whose proponents boast that it will disempower America, making it impossible to enforce sanctions and tax laws and reducing the dollar’s role as the reserve currency. (2/2)

Crypto firms pre­fer the CFTC, and Mr. Bankman-Fried #SBF be­came a cham­pion of this push. (1/2) #FTX 
https://t.co/xnHq6l1JS0

Some say it’s crypto winter.

Perhaps it’s #CryptoIceAge. 

Those who invest in American companies, build America. (1/2)

And he supports the popularization of #cryptocurrency, whose primary backers boast that it will partially displace the US dollar in international affairs. 2/3

RT @MeetThePress: WATCH: “Is there no positive thing that comes from Bitcoin?” @chucktodd asked Rep. Brad Sherman (D-Cali.)

@BradSherman:…

I joined @CNBCTheExchange on @CNBC to discuss the #FTX collapse and on what Congress can do to protect investors.

Also discussed how #Crypto could assist those evading taxes, bankruptcy courts and U.S. sanctions.

Watch the interview ⬇️ https://t.co/BlwijbwFBJ

It was a pleasure to meet with @SECGov Chair @GaryGensler in my office this afternoon. We discussed a range of issues including Swing Pricing, #Crypto, #ESG Disclosures, and the SEC’s conflict of interest proposal. (1/2) https://t.co/X6JRB87KQj

I may not agree with everyone in the crypto community, or the emerging mongoose community, on each aspect of financial services regulation. But all of us are united in our concern for the people of Kentucky. (1/2) https://t.co/IsWa0PsWs3

During the #SBF saga, I said the supporters of #crypto will say that Sam Bankman-Fried was just one snake in a crypto Garden of Eden. But in reality, crypto was a Garden of Snakes.

Since then, we seem to catch another snake every few weeks.

#Celsius 
https://t.co/0Fgz6yYj7D

Apparently the most famous expert in #crypto believed it was the best methodology to pay bribes.
https://t.co/QtmLCrKJXB

I joined @BloombergTV to discuss the latest developments on the #DebtCeiling negotiations, the war in #Ukraine and #Crypto. 

Watch the full interview ⬇️ https://t.co/UFp4SIKm9A

RT @CNBCTheExchange: Representative Brad Sherman of California joins in Washington to talk his views on the Fed, Banks, Crypto and AI. http…

See my five minutes of questioning at today's @FSCDems hearing on #Stablecoin and #Crypto.

Rarely have I enjoyed participating in a hearing as much as this morning. https://t.co/jp4BszUpLv

#Cryptocurrency means “hidden money” - its goal is right there in the name. 

Pleased to see @USTreasury propose rules today that require #crypto platforms to report its customers transactions to the #IRS - a measure @RepLynch &amp; I urged for earlier this summer.

See our letter ⬇️ https://t.co/qodazU14i1

Today on the House Floor, I spoke out against the outrageous #Republican plan to protect ultra-wealthy tax cheats by defunding the #IRS, and their support for #cryptocurrency, a tool for tax cheaters.

Watch my full speech ⬇️ https://t.co/uBEDDko0l9

I’m not sure an ankle bracelet can hold #SBF. He can get $250 million to post bail, and still have enough crypto to pay criminals to help him escape to a country which won't extradite. (1/2)
https://t.co/NiWW8i95D8

(2/2) #CryptoBillionaireBros have a huge financial stake in promoting #Crypto, so they claim it's a transparent payment method, and drug criminals just don't know what they are doing.

Actions speak loudly. Self serving statements, not so much.

The collapse of #FTX, one of the largest cryptocurrency firms in the world, is a dramatic demonstration of both the inherent risks of digital assets and the critical weaknesses in the industry that has grown up around them. 

Read my full statement ⬇️
https://t.co/rcALYHoM2U

RT @podcasts: "All the money and power is in the hands of crypto billionaire bros,” says House Financial Services Committee member Brad She…

RT @PopBase: Taylor Swift turned down a $100 million deal with crypto exchange company FTX after asking if they were selling ‘unregistered…

This legislation represents a significant step towards answering the Ukrainian government’s repeated calls for cryptocurrency exchanges to stop providing services for Russia-based cryptocurrency wallets. (2/2)

At today's @FSCDems hearing on the #FTX collapse, I detailed the fundamental problems with crypto and why Congress must resist the crypto industry's lobbying efforts. 

"You can't trash Sam Bankman-Fried and then pass his bill." #SBF_FTX https://t.co/7EdVViOUe5

In today's @FSCDems hearing, I posed questions on #Crypto tax evaders, sanctions for ethnic cleansing by Amhara forces in #Tigray, why our tax system subsidizes investment in #China, and the need for #IMF to support rule of law in #Pakistan.

Watch ⬇️ https://t.co/FdHbV8C4KM

RT @davebriggstv: Rep. @BradSherman dropped a 💣 saying at a Congressional hearing: “The fact is crypto is a garden of 🐍s."
He then joined u…

.@FoxBusiness has it somewhat wrong. I often speak to SEC Chair Gary Gensler, sometimes about Crypto, but never regarding XRP. Only conversation I've had with an SEC official regarding XRP is testimony of Director Gurbir Grewal (1/2) https://t.co/a83jf53m3v

RT @NewsNation: Sam Bankman-Fried's run as crypto king is continuing to crash as he now faces multiple charges. @LelandVittert speaks with…

I thought we’d only have one #crypto indictment today.

#FTX
https://t.co/CPdMng9aRB

(1/2) #China fentanyl suppliers use #Crypto because they find the best way to hide from U.S. law enforcement.
https://t.co/QjN24Mo3Jx

See my questioning at Tuesday's @FSCDems hearing regarding #Crypto ⬇️ https://t.co/FkipffO1Z1

Joined @BloombergTV with @kaileyleinz and @mattmiller1973 to discuss the #DebtCeiling and #Crypto. 

Watch the full interview ⬇️ https://t.co/zZMLvMBm6G

Rep. Brad Sherman 

Rep.

"Congress must have its finger on the pulse when it comes to securing Americans’ data and cybersecurity. I am excited to hear from experts in both the public and private sector on the technology behind Bitcoin, and blockchain technology @HouseScience"

“Right now, we’re not even close to having our arms around it [cryptocurreny]...We should be considering a pause using this as a currency.”

"On Saturday, I had the pleasure of speaking to the Sons of the American Revolution’s Delaware Crossing Chapter in Olathe on national security, US debt, foreign policy, and my work with @SenWarren to address the future of crypto following the FTX scandal."

Sen. Roger Marshall 

"I am not a big fan of cryptocurrencies. Clearly, they've shown a real public purpose for their existence. They made some people rich, they made a lot of people lose money." 

Dear Secretary Yellen and Commissioner Werfel:

We write to seek information regarding the issuance and finalization of regulations implementing new reporting requirements for digital asset brokers, as mandated by the Infrastructure Investment and Jobs Act (IIJA).1 The bipartisan IIJA established new reporting requirements that will help to close the roughly $50 billion crypto tax gap,2 address runaway
tax evasion across the cryptocurrency ecosystem,3 and ensure that taxpayers have the tools they need to more easily report taxable crypto income.4
Congress also directed the Treasury Department (Treasury) and the Internal Revenue Service (IRS) to finalize new implementing rules by January 1, 2024.5 Nearly two years have passed since the law was enacted, and the
implementation deadline is less than six months away – but Treasury has yet to publish proposed rules.6 Without quick action, your agencies are at risk of failing to meet their congressionally-mandated deadlines for implementation of a final rule. We urge you to act swiftly to implement strong tax reporting rules for cryptocurrency brokers.

When Congress passed the IIJA in November 2021,7 the nation was facing a $1 trillion tax gap.8 Then-IRS commissioner Charles Rettig attributed the growing tax gap in part to the emergence of the lightly-regulated $2 trillion cryptocurrency sector.9 As a May 2021 Treasury report stated, crypto “poses a significant detection problem by facilitating illegal activity broadly including tax evasion.”10 Research suggests that crypto tax evaders are cheating the IRS out of at least $50 billion a year – but the figure may be much higher.11 As a recent Barclays analysis notes, “[w]hile all transactions may be visible on the blockchains, if all the counterparties are anonymous, it is difficult for the IRS to figure out who owes taxes.”12 The result, the analysis states, is that “the $50 billion estimate for the crypto tax gap is probably too small.”13 According to Barclays, at least half the taxes owed on crypto transactions go unpaid
every year, and that crypto tax evasion accounts for about 10 percent of total unpaid taxes annually.14 

The IIJA directed Treasury to require third-party brokers that facilitate crypto transactions to report to the IRS – and to crypto users themselves – relevant information about that user’s crypto sales, the gains or losses they have incurred, and certain large transactions.15 As an analysis by the Tax Law Center at New York University School of Law has outlined, these new
rules were designed to ensure that all Americans pay their fair share, and, more specifically, to ensure that:

- Crypto users can more easily file their taxes. By requiring third-party crypto intermediaries to provide customers a tax form containing the information they need to file their taxes, the new rules are designed to spare taxpayers from having to keep track of each of their crypto transactions.16
- The IRS can use its resources to go after large-scale tax cheats. By making it easier for everyday crypto users to file accurate crypto income information, the IRS can put more of its time and resources towards tracking down those who intentionally break the law and use crypto to hide their incomes.17
- The IRS can close the crypto tax gap and raise revenue. The Joint Committee on Taxation estimates that these new rules will result in $1.5 billion in tax revenue in 2024 alone and almost $28 billion over the next 8 years.18

The IIJA established tax reporting requirements for crypto brokers to prevent the emergence of a system of institutionalized tax evasion and ensure that they have the same reporting responsibilities as brokers who facilitate the buying and selling of other kinds of assets.19 To
prevent the entrenchment of such a system, Treasury and IRS must publish draft regulations and then finalize and implement reporting rules that maintain the breadth that Congress intended, covering all of the third-party intermediaries facilitating the purchase and sale of digital assets. These new rules were urgently needed when President Biden signed them into
law in 2021.20 Over the past two years, that urgency has only intensified.
If your agencies fail to implement the new crypto tax reporting rules by December 31, 2023 – the deadline established by Congress – you will risk losing an estimated $1.5 billion in tax revenue in 2024.21 This is an unacceptable outcome. Given the chance, tax evaders and the crypto intermediaries willing to aid them will continue to game the system, exploit loopholes, and siphon off billions of dollars a year from the U.S. government. You must not give them that chance. We therefore urge you to swiftly implement strong rules to close the crypto tax gap, as Congress directed, and ask that you respond to the following questions, no later than August 15, 2023:

1. When does Treasury intend to issue proposed regulations to implement the crypto tax reporting requirements passed by Congress as part of the IIJA?
2. How long does Treasury intend to accept public comments on these proposed rules once they are published?
3. Should Treasury fail to implement crypto tax reporting rules by the December 31, 2023 deadline established by Congress, how much tax revenue does the Department estimate it would risk losing in the 2024 calendar year?
4. Will Treasury and/or IRS provide a briefing to our offices on these propose rules once they are published? Will the agencies provide another briefing to our offices once the proposed rules are finalized and implemented?  

Thank you for your attention on this matter. 


Sen. Bernie Sanders 

Representative Casten voted "no" for the Financial Innovation and Technology for the 21st Century Act (H.R. 4763) during it's markup on held on July 26, 2023.

If someone invested in the S&P 500 between 2017 and 2022, they would have received a 61% return, but if they invested in the median basket of cryptocurrencies, they would have lost 46% of the investment. 

Crypto is not the solution to closing the wealth inequality gap.

As the cryptocurrency industry grows, I’m calling on @SECGov to be prepared with the necessary tools to protect investors from fraud, manipulation & abuse.

"Alex Kearns was tragically taken from his family after Robinhood erroneously said he owed $730,000.

As the cryptocurrency industry grows, @FSCDems are calling on @SECGov to be prepared with the necessary tools to protect investors from fraud, manipulation & abuse."

"Read @RepMarkTakano and my op-ed on the necessity of restoring the Office of Technology Assessment (OTA), a Capitol Hill technology agency that was defunded more than 20 years ago.

From Smartgrids to gene editing, from cryptocurrency to autonomous vehicles, Congress simply cannot do its job without the kind of objective, rigorous analysis that OTA once provided.

I was proud to push this important issue with Rep. Takano. Earlier this year, I testified before the @AppropsDems Committee to fund and restore OTA."

"ATTN: After months of working on @FSCDems first-ever Digital Assets Working Group, I'm excited for today's first public Congressional hearing on digital assets, cryptocurrency, and the future of finance.

Watch here ⤵️"

As the cryptocurrency industry grows, I’m calling on @SECGov to be prepared with the necessary tools to protect investors from fraud, manipulation &amp; abuse.

https://t.co/3tRaEKqavN

HAPPENING NOW: The @USTreasury is testifying in front of @FSCDems about President Biden’s Working Group report on stablecoins. Join us as we listen to testimony &amp; work to learn more about these digital assets.

📺 #WATCH https://t.co/ArW3GPRvWY

ATTN: After months of working on @FSCDems first-ever Digital Assets Working Group, I'm excited for today's first public Congressional hearing on digital assets, cryptocurrency, and the future of finance.

Watch here  ⤵️
https://t.co/J2DSHIXV8Z

If someone invested in the S&amp;P 500 between 2017 and 2022, they would have received a 61% return, but if they invested in the median basket of cryptocurrencies, they would have lost 46% of the investment. 

Crypto is not the solution to closing the wealth inequality gap. https://t.co/DqhiFbXDua

Alex Kearns was tragically taken from his family after Robinhood erroneously said he owed $730,000.

As the cryptocurrency industry grows, @FSCDems are calling on @SECGov to be prepared with the necessary tools to protect investors from fraud, manipulation &amp; abuse. https://t.co/yGtuoNrOzr

Rep. Sean Casten 

Congress

Another sign that crypto assets are here to stay as part of the global financial system. 

Now, Congress needs to secure America's status as the unquestioned global leader in financial innovation by creating clear regulatory rules of the road.

The lack of clear rules of the road at the federal level is creating a legal mess for the crypto asset industry while leaving Wyoming consumers and investors vulnerable to bad actors.

Industry leaders could not be more clear -- if Congress does not pass a digital asset regulatory framework soon, the industry will move overseas.

America has always been a leader in innovation, let's not lose our hard-earned reputation.

Wyoming's first-of-its kind crypto asset rules of the road have protected consumers, fueled financial innovation and allowed businesses to blossom & create jobs. It’s no surprise Wyoming ranks #1 in the nation and #7 in the world on Coindesk’s Crypto Hubs 2023 list.

Two weeks after introduction, the first pieces of Lummis-Gillibrand have passed the Senate, weeding out bad actors in the crypto space and ensuring crypto assets are not used to evade sanctions or fund terrorism.

The Ripple decision has reinforced the need for Congress to create a regulatory structure for crypto assets.

Lummis-Gillibrand is the comprehensive, bipartisan bill that protects consumers while allowing the industry to continue to drive the innovation our economy needs.

"The Responsible Financial Innovation Act—which Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) are reintroducing today—is the most comprehensive crypto bill ever to come before the U.S. Senate. It is also the most bipartisan."

More than 50 million Americans own a crypto asset.

We need to establish clear rules of the road that protect consumers and encourage financial innovation but limit the regulatory overreach that the SEC is currently engaging in.


If you care about crypto, it’s time to prove it