For years now, too many leaders, influencers, and gatekeepers in finance from Silicon Valley to Wall Street as well as many in Washington either looked the other way or blindly supported the crypto industry as it worked relentlessly to infiltrate our financial system and rewrite the laws and rules to benefit the industry. Nothing slows down this lawless but enormously profitable industry, not $2 trillion in losses, multiple bankruptcies, unstable stablecoins, dozens and dozens of lawsuits for lying, cheating, and stealing, facilitating ransomware, money laundering, and illegal conduct of all types, and not even handcuffs for vast and shocking global crypto crimes.
These efforts accelerated on July 19, when the crypto industry converged on Capitol Hill for what it calls a Stand With Crypto Day to pressure members of Congress to advance their favored legislation. As the industry races to get them to rewrite the laws and rules that protect investors, customers, markets, our financial system and economy, regulators and policymakers need to consider fundamental questions about the future of crypto regulation.
From July 17-21, Better Markets held a “Crypto Week of Truth” to shed light on the industry’s failed promises and track record of lawlessness, deception fraud and investor losses. Each day featured original content and analysis examining the fundamental issues surrounding crypto.
- Monday: We explored the regulatory debate around crypto and the legislation being written in Congress in a webinar.
- Tuesday: Highlights Crypto’s false claims about a “cryptoeconomy” and false promises about crypto’s benefits, including its value for disadvantaged communities, and serving as a form of payment. Read our team’s analysis of these unfulfilled promises.
- Wednesday: Exposes crypto’s massive influence campaign, including lobbying, the revolving door, and campaign contributions
- Thursday: Tells the story of crypto predators, lawbreakers, and crooks.
Our guide explains how crypto has become an essential tool for criminals.
Learn more about Crypto’s took crooks here.
- Friday: Highlights the false and misleading advertising by the industry and its spokespeople. Learn more about industry’s deceptive polling practices here.
Better Markets Recent Crypto Resources
Letter: We wrote the leadership of the U.S. House Committee on Agriculture and the Committee on Financial Services expressing concerns with provisions in its Crypto Market Structure Discussion Draft (7/12/23)
Fact Sheet: Our fact sheet argues that Congress must carefully consider the track record of stablecoins, and their impact on the financial system before adopting measures that would legitimize this dangerous corner of the crypto market. (5/17/23)
Fact Sheet: Ahead of Congressional hearings on the future of crypto regulaiton, our fact sheet explained that the main priority should be the crypto industry complying with current security laws. (4/27/23)
Fact Sheet: Setting the record Straight on Crypto, FTX and Sam Bankman-Fried, and Financial Regulators (3/8/23)
Press Release: Ahead of a Senate Agriculture hearing on CFTC Oversight Better Markets released key questions for the CFTC Chair to answer about the agency’s role in crypto oversight and regulation. (3/7/23)