On the recordMay 8, 2024
I see no reason for us to hide from those who are looking at bank balance sheets the unique risk that they take in order to facilitate a crypto ecosystem whose sole purpose and whose strategy is to defeat the American Government whether it tries to collect taxes or enforce our sanctions. Mr. Speaker, if you have any doubt, look at what the proponents, the visionaries, behind crypto say. They say that they are innovative. They are trying to innovate a way to make sure that America cannot enforce its sanctions, cannot deal with drug dealers, cannot enforce its taxes, and, oh, by the way, particularly useful to Sam Bankman-Fried, cannot enforce its bankruptcy laws. Mr. McHENRY. Mr. Speaker, I would say to my colleagues that if they want to fix the Sam Bankman-Fried FTX fraud and their ability to do that again, then you need to pass the bill that we produced out of committee that regulates crypto and provides regulatory agencies power. Mr. Speaker, I yield 1 minute to the gentleman from Oklahoma (Mr. Lucas), who is the chairman of the Science Committee and a great leader on the Financial Services Committee.
