Political Quotes

“The crypto industry comes before our committee almost every week saying: We want clarity. Then the SEC provides the clarity. Now, the friends of crypto are here to abolish the clarity, to not only take away release 121, which requires that the custodians of crypto indicate that on the balance sheet, but to prevent the SEC from issuing a revised version of 121 that could call for that same disclosure to be made in footnotes. It is very clear to me, as co-chair of the bipartisan CPA Caucus, that the financial statements must reflect the incredible risk that banks take when they become custodians of billions and hundreds of billions of dollars, supposedly, worth of crypto. Now, why the uniqueness of crypto? We have seen Sam Bankman-Fried. He was the face of crypto. He is now facing only a quarter century in jail, which seems rather light. The crypto industry would tell us that Sam Bankman-Fried was just a single snake in the crypto Garden of Eden. The fact is, we have learned since Sam Bankman-Fried's indictments that crypto is a garden of snakes. It is uniquely problematic. Why is that? Because crypto's whole purpose is to facilitate evading American law and to help criminals. Who does it attract? It attracts criminals. What is the comparative advantage that crypto has as it attempts to become a currency and partially displace the dollar and the euro? Is it more stable? Certainly not. Is it more useful to buy something?…”