The disheartening influence of powerful corporate lobbies on the legislative process is deeply concerning, as it compromises the fundamental principle of government serving the interests of the people rather than moneyed special interests. The "Crypto Week" initiative, driven by the cryptocurrency industry's lobbying groups that poured tens of millions into electing sympathetic lawmakers, epitomizes this corrosive dynamic.
The marquee CLARITY Act exemplifies how industry lobbyists shape legislation to serve their narrow agenda at the expense of robust consumer protections and sound regulation in the public interest. This bill, as warned by experts like Amanda Fischer of Better Markets, would erode crucial disclosure standards, weaken liability provisions, incentivize regulatory arbitrage, and strip safeguards against market manipulation – all to grant the crypto industry its preferred, lax oversight by the CFTC. Such industry capture makes a mockery of the democratic process and betrays the trust of the constituents you represent.
It is imperative that Congress resists the siren song of deep-pocketed lobbyists and legislates independently to uphold the principles of transparency, accountability, and the common good. The crypto industry's relentless pursuit of deregulation, facilitated by its lobbying blitz, poses systemic risks to market integrity, financial stability, and consumer welfare. Meaningful guardrails and robust oversight are essential to mitigate these risks and protect individuals from predatory practices, fraud, and exploitation.
I implore you to break free from the stranglehold of corporate influence peddlers and craft legislation that prioritizes the long-term well-being of citizens over the short-term profits of special interests. Reject the CLARITY Act and similar industry-driven bills that undermine fundamental protections. Instead, champion comprehensive, evidence-based regulation that safeguards the public interest, fosters responsible innovation, and upholds the highest standards of transparency and accountability.
The integrity of our democracy hinges on your ability to legislate independently, without undue influence from moneyed lobbyists. Rise to this challenge, and restore faith in a government that truly serves the people.
First sent on July 14 by Coleman
