WASHINGTON, D.C.— Statement from Amanda Fischer, Policy Director and COO of Better Markets, on today’s passage of the GENIUS Act (S.1582). and CLARITY Act (H.R. 3633):

“When the next financial crisis happens, I fear that we’ll all look back on today’s actions in Congress as a key catalyst. The GENIUS Act increases our financial system’s susceptibility to runs, bankruptcies, and taxpayer-funded bailouts, all while leaving consumers unprotected from abuses from crypto companies and Big Tech. The CLARITY Act takes a hatchet to 90 years of protections born out of the Great Depression, encouraging investors to plow their savings into memes and scams instead of investments into real businesses that grow the economy. Members of the Senate should ask themselves these key questions about what type of financial system they want to enable before considering the CLARITY Act.

It’s a shame that lawmakers refuse to learn from both the distant and recent past and instead embrace the magical thinking in crypto lobbyists’ debunked talking points over hard-fought lessons from previous financial crashes.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org