Stop Trump's Crypto Corruption Before It's Too Late.

By Boni Peluso

Crypto is digital currency, AKA fake money. It’s high-risk, highly speculative, and a largely unregulated asset class that runs on a virtual network. It doesn't exist in physical form like paper money or coins. Cryptocurrencies are often built using blockchain technology--a shared digital ledger that provides a secure recordkeeping and processing system for all of their transactions.

Ben McKenzie, author of Everyone’s Lying To You For Money, appeared on a recent Indivisible webinar where he called crypto a ponzi scheme, that if left unregulated, could cause banks to fail and crash the U.S. economy.  In fact, in 2023, Silvergate Bank, Signature Bank, and Silicon Valley Bank (SVB) failed largely because they tied their business models to the volatile cryptocurrency and venture capital (VC) sectors. 

And when banks fail, the U.S. government bails them out with your taxpayer money.

BEWARE THE CLARITY ACT 

This anemic cryptocurrency regulation bill claims to provide guidelines for financial regulators on how to regulate the crypto industry, but according to Indivisible, “doesn’t protect consumers, doesn’t close money laundering loopholes, and does nothing to stop the biggest threat of all: Trump’s crypto-fueled bribery machine.” 

The Clarity Act has already passed the House, and may come up for a vote in the Senate at the end of June. The Hill website points out,

“a key concern for Democrats with the Clarity Act is the lack of a provision placing limits on how government officials can invest or partake in the industry. This has become a priority in the wake of President Trump and his family’s wide-ranging involvement in crypto, from stablecoins to meme coins to bitcoin mining.”

Senator Ruben Gallegos said, “Perhaps the toughest issue of all, we have come close but have not finished an agreement on ethics guardrails for elected officials, all elected officials.” 

Without ethics guardrails, crypto is poised to run amok. Right now, crypto is being used by political donors and foreign bad actors to influence Trump and our elections. 

Dark money has never been darker.

WHY CRYPTO IS SO DANGEROUS

Warren Buffett, Chairman of Berkshire Hathaway and considered one of the greatest investors of all time, refers to crypto as “rat poison squared”.  Buffett staunchly avoids digital assets because they produce nothing—unlike farms or businesses—meaning any profit relies solely on finding a "greater fool" to buy the asset at a higher price. 

 Crypto’s many risks include:

• drastic and unpredictable price swings
• permanent loss of funds if you forget your private key (password)
• vulnerability to cyberattacks on exchanges and wallets
• unlike traditional cash that is controlled by governments and central banks, crypto is not regulated or insured by government bodies so no authority or institution regulates their supply or guarantees their value
• a high prevalence of financial scams and criminal activity such as money laundering.

HERE’S HOW YOU CAN HELP STOP TRUMP’S CORRUPTION

In this current administration, Trump and his family have made billions in oh so fortunately-timed crypto ventures, business investments, and stock trades, while our gas, food and housing costs skyrocket. We can’t let Congress enable more of Trump’s corruption or gamble away our financial stability just to appease crypto billionaires.

Indivisible recommends you call your Senator and tell them to vote NO on the Clarity Act.  If they are worried about Trump’s corruption, they must insist on an ethics provision in the bill. Click on this link to be taken to Indivisible’s website where they have provided a form to help you locate your senator and a talking script so you can easily leave a message. Please call your Senator TODAY.