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As you likely know, our Co-Founder and President, Dennis Kelleher, has been an outspoken advocate for prioritizing and protecting investors, consumers, markets, and financial stability when it comes to the crypto industry, enforcement, and policy. In addition to the grave threat crypto poses to our financial system and economy, we are particularly offended by the way the industry targets and preys on the most vulnerable among us, low- and moderate-income Americans, and communities of color.

Nevertheless, Dennis was invited to participate in an event hosted by Axios called “The State of Play for Crypto Policy”. The event was sponsored by a crypto company and included a lineup of crypto supporters, including a Congressman, a Senator, and the head of policy for the Crypto platform Coinbase. We applaud Axios for including Dennis and ensuring that the audience benefited from hearing both sides of the debate over crypto.

“What we have, unfortunately, is too many people who are bending to the power, money and might of the crypto industry, and I think the American people are going to pay the price in the future for that, if people don’t actually make that industry follow the law like everybody else.”
– Dennis Kelleher

We knew that this wouldn’t likely be the friendliest audience for a fact-based discussion that rebuts the fact-free propaganda coming from the crypto industry’s massive influence campaign. That has included hundreds of millions of dollars in campaign contributions, lobbying expenditures, astroturf activities, lawyers’ fees, and media spending from the crypto industry. It hasn’t been easy standing up the crypto industry and its many very powerful allies. But it’s the right thing to do and Better Markets has been doing it since former FTX CEO (and now criminally convicted and imprisoned) Sam Bankman-Fried and his criminal co-conspirators tried to buy Washington in 2021-2022, when we alone rejected their bribe of “$1 million or more” to support their predatory business plans.

This is a key part of Better Markets’ role and value: a fearless, independent voice for the public interest. The financial industry will always have the resources to tell its side of the story and influence Washington to further its narrow, profit maximizing interests – or, as Dennis says, their “power, money and might.”  This, however, too often drowns out the voices and interests of hardworking Main Street Americans.

That’s why we speak truth to power and take on special interests even when the odds are stacked against us and the interests of Main Street Americans.  Yes, our fight against crypto and the wider financial industry often feels like David vs. Goliath. But we all remember who won that battle.

So, even if you don’t care about crypto or understand how it impacts you, please take a few minutes to listen to Dennis’ discussion of these key issues. He avoids jargon and talks in a way that everyone can understand.

Best, Travis

Travis Horr
Better Markets Director of External Affairs

P.S. Our ability to be an effective counterweight to the industry comes from the uniquely powerful experience and expertise of our team and I’m pleased to introduce you to our newest team member, George French. After 38 years at the FDIC, including in some of the most senior positions, he has joined Better Markets as a Senior Fellow, and we are lucky to have him.

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