Wendy Sherman: “Last week we had police week. This week, the Republicans show us that they support crime in the suites. The effect of…”

“Last week we had police week. This week, the Republicans show us that they support crime in the suites. The effect of this bill in the short term will be to disempower the most effective investor protection crime investigation organization in the world, the SEC. The long-term objective of the crypto billionaire bros is to create a new currency, and they have named it well. Cryptocurrency literally means hidden money. If it ever becomes a currency, it means we will not be able to enforce our tax laws, except on wage earners, and we will not be able to enforce our laws against child traffickers, drug dealers, and those who violate our sanctions. The crypto bros have a lot of money. They make money by literally making money. They spread it around all of Washington. They had Sam Bankman-Fried do it. Now he is in jail, and others have stepped forward. They have a PR campaign. The Lakers don't play at ``enforce tax laws arena.'' They don't play at an arena dedicated to law enforcement. They play at Crypto.com Arena. In spite of all that money and power, three-quarters of Democrats voted ``no'' on this bill when it was before our committee. There are those who say they want clarity. We have clarity. The SEC has jurisdiction. What they really want is a patina of regulation, as little regulation as possible to claim to be regulated. Now, this bill would be bad enough if we were dealing with the original statute.…”