Political Quotes

“Mr. Chair, I yield myself such time as I may consume. Mr. Chair, from 2017 to 2022, Americans who invested in the SSP Index received about a 61 percent return on their investment, but Americans who invested in one of the top 12 cryptocurrencies that existed during that 5-year period did not make money. In fact, on average, they lost about half of their money. Three out of every four bitcoin traders during that time period also lost money. From FTX to Celsius to Blockchain ATMs, the industry has repeatedly lost everyday Americans their money. Whether you are a crypto booster or a crypto sceptic, we can all agree based on the facts that crypto investment is a risk. Since it is a risk, we should want more oversight to protect Americans. This bill before us today doesn't provide us more regulation. It doesn't even provide many Americans the same level of regulation as traditional finance. Instead, it creates a light-touch regulatory regime that can be manipulated by bad actors in both crypto and traditional finance, putting Americans and our 90-year-old securities laws at risk. My amendment focuses on one key area where everyday people who would invest in crypto under this bill will, in fact, receive less protection than Americans invested in traditional finance. The current flawed bill before us creates a crowdfunding registration exemption for crypto that is 15 times weaker than the crowdfunding exemption that exists in traditional finance.…”